Feds Seize Record-Breaking $15B in Bitcoin from Alleged Scam Empire
2 days ago
- #cryptocurrency
- #human-trafficking
- #cybercrime
- Law enforcement in the US and UK have coordinated a major operation against the 'pig butchering' scam industry, targeting scam compounds in Southeast Asia.
- The US Treasury Department's OFAC has sanctioned 146 targets linked to the Prince Group Transnational Criminal Organization, seizing $15 billion in bitcoin—the largest US cryptocurrency seizure to date.
- Prince Group, allegedly run by Chen Zhi, is accused of operating scam centers in Cambodia, laundering money, and engaging in human trafficking and fraud.
- Chen Zhi remains at large, with the DOJ alleging he directed one of the largest investment fraud operations in history.
- The UK has also sanctioned Chen and frozen assets linked to him, including a £12 million mansion and a £100 million office building in London.
- The seized bitcoins may be linked to a 2020 theft from Chinese cryptocurrency mining firm Lubian, possibly part of a money laundering scheme.
- Scam compounds in Southeast Asia force victims into running online scams, often under threat of violence, and are linked to money laundering and online casinos.
- The DOJ indictment claims Prince Group operated over 100 businesses in 30 countries and used political influence to protect its criminal enterprise.
- The seizure of 127,271 bitcoins is the largest monetary seizure in US Justice Department history, surpassing previous records.
- Experts highlight the global scale of these operations, powered by forced labor and sophisticated money-laundering infrastructure.