Myanmar proposes death penalty for violent crypto scammers

Myanmar has proposed introducing the death penalty for violent criminals who coerce victims into crypto scam center operations.

Singapore news outlet CNA reports that draft legislation for the “Anti-Online Scam Bill” was published today.

The legislation states that the death penalty would apply to criminals using “violence, torture, unlawful arrest and detention, or cruel treatment against another person for the purpose of forcing them to commit online scams.”

The bill will reportedly be scrutinized when Myanmar’s current military government, which came to power in a 2021 coup, returns to sit in Parliament in June.

Local media also reports that those found to run scam centers or carry out crypto scams will also face a potential life sentence in prison.

It’s unclear if this same sentence would apply to victims forced to undertake scams against their will.

Just last month, Myanmar’s president Min Aung Hlaing commuted all death sentences to life sentences.

$1 billion of assets linked to alleged scam kingpin frozen

The billion-dollar crypto scam industry has set up numerous compounds along Myanmar’s borders as well as across Southeast Asia in countries such as Cambodia and Laos.

One alleged kingpin is Prince Group CEO Chen Zi. Today, the Hong Kong High Court reportedly ordered the freezing of HK$9 billion ($1.15 billion) in assets under Chen’s ownership.

Chen is currently in custody in China after he was extradited from Cambodia in January. He’s accused of running a mammoth criminal enterprise that included the operation of crypto scam centers.

Chen and his company were sanctioned by the US and UK last year alongside another accused scam conglomerate, Huione Group.

The bank license of Hunie Group’s financial arm, Huione Pay, was revoked last year. This firm had significant financial ties to the family of Cambodia’s political elite.

Panda Bank, which reportedly contains senior leaders that overlap with Huione Pay’s operations, saw its license revoked last February. Liquidators for the firm announced yesterday that its app will be removed from the app store.