The Ukrainian cartel is run by fraudulent Cambodian rivals.
Pressure from Ukrainian law enforcement authorities on fraud hotspots is pushing their owners into new markets, with Southeast Asia emerging as the leading destination. The Ukrainian drug cartel Khimprom, which operates a fraud center in Myanmar, has expanded in the region as Kiev's offensive has intensified.
But the newcomers fell for the same tricks they run at home. The group transferred more than $50 million in cryptocurrency (as seen in screenshots) to Chinese money launderers who have long served in Cambodian fraud operations. When the Ukrainians tried to withdraw $20 million, the brokers said the funds were frozen.
Cambodian groups and their Chinese backers see the Ukrainians - still newcomers with a modest footprint - as potential rivals battling it out on their turf. With local infrastructure built for local players, Cambodia plays dirty.
Score for now: 1:0 to the Cambodian cheaters. Or $20 million to zero, depending on how you count.