U.S. Seizes $15 Billion In Bitcoin, Sanctions Cambodia’s Prince Group In Global Crypto ‘Scam’ Crackdown
ToplineThe Department of Justice seized roughly $15 billion in bitcoin from the self-custodied cryptocurrency wallets of Prince Group founder Chen Zhi, who authorities allege orchestrated a vast “pig butchering” scam based in Cambodia, marking a record-setting forfeiture as the Treasury Department labeled Prince Group a transnational criminal organization.PARIS, FRANCE - NOVEMBER 12: In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is on display on November 12, 2024 in Paris, France. (Photo illustration by Chesnot/Getty Images)
Getty ImagesKey FactsThe Department of Justice filed a forfeiture action Tuesday for 127,271 bitcoin, worth approximately $15 billion, and Chen Zhi, the founder and chairman of real estate conglomerate Prince Group, was indicted on wire fraud and money laundering conspiracy charges and remains at large.
Prosecutors allege Prince Group trafficked hundreds of workers and forced them to run...
