- The U.S. Department of Justice is seeking to seize approximately $15 billion in Bitcoin connected to a global cryptocurrency scam.
- The scam network was allegedly operated through forced-labor compounds in Cambodia and is linked to Chen Zhi, founder of Prince Holding Group.
- The operation involved trafficking workers, who were forced to conduct fraudulent activities targeting victims worldwide.
- Authorities accuse Chen of orchestrating “pig butchering” Scams, a type of fraud that combines romance scams with high-yield investment pitches.
- About 127,000 Bitcoin tokens have been seized by U.S. authorities, while Chen Zhi remains at large.
The U.S. Department of Justice announced it is pursuing the seizure of roughly $15 billion in Bitcoin allegedly connected to a large-scale cryptocurrency scam. The operation is said to be run by Chen Zhi, a dual U.K. and Cambodian national and founder of Prince Holding Group. The indictment was unsealed in federal court in Brooklyn.
According to the Justice Department, about 127,000 Bitcoin tokens are now in U.S. custody. The charges against Chen include wire fraud and money laundering conspiracies. He has not been detained and is currently at large.
Prosecutors allege that Chen led an extensive “pig butchering” scam—so named because victims are “fattened up” with fake relationships and promises of large cryptocurrency investment returns before being defrauded. Authorities state that trafficked workers in Cambodia were forced to conduct these scams, manipulating people worldwide into transferring digital assets to accounts under the network’s control. The illicit proceeds were then reportedly moved through multiple digital wallets to hide their origins.
In the official filing, the Justice Department describes workers being forcibly housed and required to work long hours on fraudulent platforms, many of which impersonated legitimate cryptocurrency and investment companies.
Prince Holding Group is one of Cambodia’s largest conglomerates, involved in real estate, finance, and hospitality. The company has not released a public statement regarding the indictment.
Bitcoin, the leading digital currency, reached a record price over $126,000 before falling more than 10%. As of the latest report, Bitcoin was trading at around $112,000, with ongoing trade tensions cited as a factor influencing price changes.
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