A company based in Myanmar fraudulently obtains over $100 million in cryptocurrency.


  • A company based in Myanmar perpetrated scams exceeding $100 million in cryptocurrency through romance and ransom strategies.

  • The scam was traced back to KK Park in eastern Myanmar by Chainalysis and the International Justice Mission.

  • Tether tokens were utilized in the scams, capitalizing on their stability and quick transaction speeds.

Enter a realm where the intangible becomes palpable – a digital wallet akin to the one nestled in your back pocket, vulnerable to the stealthiest of thieves. Now, journey to a compound nestled in Myanmar, where a narrative of heist unfolds, starkly real yet purely digital. Here, over $100 million is snatched from unsuspecting victims, funneled into the depths of the crypto abyss by a solitary entity.

In this cyberpunk saga, blockchain sleuths from Chainalysis, aided by the vigilant efforts of the International Justice Mission, unravel a case that reads like a dystopian thriller. Following the digital breadcrumbs of Tether tokens, they expose a scam operation both intricate and devoid of empathy. These tokens, typically tethered to the stability of the dollar, morph into instruments of financial devastation and emotional turmoil. Victims ensnared by promises of love or the desperate pleas of family members unwittingly contribute to a vortex centered around KK Park, a compound shrouded in the depths of eastern Myanmar.

Here, scammers engage in emotional manipulation akin to fattening a pig before slaughter, weaving webs of deceit online. Ironically, the very blockchain technology touted for its transparency and security becomes the stage for this shadowy drama. Tether unwittingly emerges as the currency of choice for these digital bandits.

KK Park stands as a microcosm within a city, a labyrinth where thousands are ensnared, spinning webs of deception. The orchestrators of this scheme lurk in the shadows, their identities as elusive as the transactions they orchestrate. Despite the scam’s tentacles stretching across borders, the guardians of KK Park – from the Karen National Union to Myanmar’s military junta – remain silent, whether through ignorance or apathy.

The repercussions of this revelation are poised to compel Tether into action. With nearly $100 billion at stake, the pressure mounts to cleanse its transactions of illicit dealings. Already, the UN’s drug and crime watchdog has flagged Tether as a favorite of the underworld, a conduit for the swift and the fraudulent. Tether’s response? A pledge to align with the forces of law, freezing assets and blacklisting wallets with the fervor of a scorned platform.

What renders Tether and its blockchain counterpart, Tron, so appealing to these desperados? Tron’s minimal fees and Tether’s dollar parity render them ideal partners in crime – a fact not lost on Tether’s rivals or the regulators in hot pursuit.

In the battle against these con artists, global collaboration and concerted efforts are imperative to wrest the blockchain from their grasp. Remember: while the blockchain giveth, it also taketh away – but only if we refuse to yield to the scammers’ dominion.

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