US charges Cambodian executive in crypto scam and seizes $14B BTC
2 days ago
- #Forced Labor
- #Cryptocurrency Scam
- #Money Laundering
- U.S. government seizes $14 billion in bitcoin linked to a massive cryptocurrency scam.
- Chen Zhi, founder of Prince Holding Group, charged with wire fraud and money laundering.
- Scam involved forced labor, bribes, and laundering profits through gambling and crypto mining.
- Prince Holding Group declared a transnational criminal organization by U.S. and British authorities.
- Chen, also known as 'Vincent,' remains at large; faces up to 40 years if convicted.
- Scam victims lost over $10 billion in 2023, a 66% increase from the previous year.
- Workers in Cambodia compounds forced to scam victims via social media and messaging platforms.
- Compounds described as forced labor camps with high security and brutal conditions.
- Chen has ties to Cambodia's ruling regime, serving as an adviser to the Prime Minister.
- U.N. estimates 100,000 people forced into online scams in Cambodia alone.