KK Park in Southeast Asia makes it harder for workers to escape, and families typically have to agree to pay a ransom, which may include cryptocurrency.
The infamous KK Park pig slaughtering business in Myanmar was the subject of new revelations, according to chainalysis. The owners stole $100 million by forcing the families of the workers to provide cryptocurrencies.
There may be as many as 2,000 people there who have been victims of human trafficking. The study describes the facility’s practice of extorting the relatives of victims of human trafficking. They achieved this by negotiating the release of their loved ones in return for cryptocurrency.
Two ransom wallet addresses have been associated with a Chinese front firm that is associated with a KK Park-based pig slaughtering gang, according to a recent Chainalysis study.
Scam victims should be certain that they accept cryptocurrency payments. Unfortunately, Heintz informed us that pig slaughtering gangs sometimes demand ransom payments from the relatives of victims of human trafficking, with crypto being a common form of payment.
A graph provided by Chainalysis shows that the bulk of the ransom money goes to two primary addresses. The proceeds from swindles such as pig slaughtering schemes end up at one of these locations.
The other goes about collecting cryptocurrency from victims’ loved ones who have fallen victim to human trafficking.
The sum anticipated to be included in both wallets is more than $100 million. Ransom payments and fraudulent actions contributed to a proportion, but Chainalysis couldn’t measure it.
Chainalysis claims that “the entire, pig butchering fraudsters working out of the property are generating large amounts,” despite the fact that these are just two addresses from a single organization operating out of KK Park.
According to some sources, KK Park’s inaccessible location in Southeast Asia makes it very difficult for employees to escape the premises. Their loved ones have no choice but to comply with ransom demands, which often include crypto.
People who ended up there were often naive about the situation’s actual nature; some even thought they were receiving real employment offers.
There has been no change in the crypto industry’s emphasis on scams, and the sums taken from victims have been steadily rising.
The widespread use of digital assets is a contributing factor. The US Department of Justice accused three people on January 30 for their roles in a fraudulent cryptocurrency operation, according to BeInCrypto. Criminal charges allege that they deceived victims out of over $2 billion.
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