U.S. seizes $14 billion in bitcoin, charges Cambodian tycoon in massive crypto scam

ByEnigma 808

The U.S. government has seized over $14 billion in bitcoin and charged Chen Zhi, the founder of Cambodia’s Prince Holding Group, in connection with a massive cryptocurrency scam. Chen and co-conspirators are accused of exploiting forced labor to defraud investors and using the proceeds to purchase luxury items, including yachts, jets, and artwork. Chen faces charges of wire fraud and money laundering, and authorities have imposed sanctions on his company, labeling it a transnational criminal organization.

The scam, involving “pig butchering” fraud, allegedly generated $30 million a day. Chen’s group is linked to a rise in Southeast Asia-based scams, with Americans losing at least $10 billion in 2023. Workers were allegedly held captive, forced to contact victims, and subjected to violence. Chen remains at large, and if convicted, he faces up to 40 years in prison. The U.S. plans to use the seized bitcoin to compensate victims.

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    Besides writing and being a content creator, Enigma 808 sometimes likes to watch paint dry on walls, listening to ASMR while timing snails racing. Such is life.