Feds Seize Record $15 Billion in Bitcoin From Alleged Scam
▼ Summary
– “Pig butchering” romance and investment scams have stolen tens of billions globally over five years, with victims forced to operate them from human trafficking compounds in Southeast Asia.
– US and UK authorities coordinated sanctions against Cambodia’s Prince Group and its leader Chen Zhi, targeting 146 individuals and shell companies linked to the alleged criminal organization.
– The US Department of Justice seized approximately 130,000 bitcoin worth $15 billion, marking the largest cryptocurrency seizure in US history as part of this operation.
– The Prince Group publicly presents as a legitimate Cambodian conglomerate but is accused of secretly running at least 10 scam compounds and causing billions in losses worldwide.
– Chen Zhi remains at large, while the UK has frozen his London assets including a £12 million mansion and a £100 million office building as part of its sanctions.
In a landmark international enforcement action, authorities have confiscated an unprecedented $15 billion in Bitcoin from a sprawling criminal network accused of orchestrating massive romance and investment frauds. This operation represents the largest cryptocurrency seizure ever recorded by the United States government, targeting a sophisticated syndicate known for its “pig butchering” scams that have defrauded victims globally out of tens of billions of dollars over the past five years.
The U.S. Department of Justice, in collaboration with the FBI and UK officials, executed coordinated sanctions and seizures against the Prince Group Transnational Criminal Organization and its alleged leader, Chen Zhi. Court documents reveal that nearly 130,000 Bitcoin were taken from the group, which stands accused of operating a vast network of fraudulent call centers throughout Cambodia. These facilities are reportedly staffed by victims of human trafficking, who are coerced into carrying out elaborate online scams targeting individuals worldwide.
Publicly presenting itself as a legitimate Cambodian conglomerate with interests in real estate and financial services, the Prince Holding Group allegedly served as a front for one of Asia’s most extensive criminal enterprises. The U.S. Treasury Department’s Office of Foreign Assets Control has now imposed financial restrictions on 146 individuals and shell companies connected to the organization. According to investigators, Chen and his associates managed at least ten separate scam compounds while building what prosecutors describe as “one of the largest investment fraud operations in history.”
Joseph Nocella, Jr., a U.S. attorney for the Eastern District of New York, emphasized the devastating impact of these schemes, noting that “Prince Group’s investment scams have caused billions of dollars in losses and untold misery to victims around the world.” Despite these serious allegations, Chen remains at large and has not been taken into custody.
British authorities have simultaneously implemented their own sanctions against Chen and his organization, freezing multiple London properties believed to be connected to the criminal enterprise. These include a £12 million North London mansion and a £100 million office building in the City of London. UK Foreign Secretary Yvette Cooper condemned the operation’s architects, stating that “the masterminds behind these horrific scam centers are ruining the lives of vulnerable people and buying up London homes to store their money.”
Attempts to reach representatives of the Prince Holding Group for comment were unsuccessful, as emails to their listed media contact address immediately bounced back. The case continues to develop as international investigators work to dismantle the remaining infrastructure of what they characterize as a modern slavery-driven criminal empire.
(Source: Wired)
