DOJ seizes $15B in Bitcoin from 'pig butchering' scam based in Cambodia
14 hours ago
- #cryptocurrency-fraud
- #human-trafficking
- #cybercrime
- Chen Zhi, also known as Vincent, founder of Prince Holding Group, charged with wire fraud and money laundering conspiracy.
- Forced-labor scam compounds in Cambodia operated by Prince Group engaged in 'pig butchering' cryptocurrency fraud schemes.
- Approximately 127,271 Bitcoin ($15 billion) seized in the largest forfeiture action in DOJ history.
- Victims worldwide, including in the U.S., lost billions to fraudulent cryptocurrency investment schemes.
- Prince Group used trafficked workers, forced to work under violent conditions, to execute scams.
- Sophisticated money laundering techniques, including cryptocurrency 'spraying' and 'funneling,' were employed to hide illicit profits.
- Luxury purchases funded by criminal proceeds included yachts, private jets, and a Picasso painting.
- Chen Zhi faces up to 40 years in prison if convicted.
- Prince Group designated as a transnational criminal organization; sanctions announced against Chen Zhi and associates.
- FBI investigating with international assistance; public urged to report information or victimization.