The US government just seized $15 billion worth of Bitcoin from a Cambodian business empire accused of running one of the biggest crypto scams ever. Federal prosecutors charged Chen Zhi , who runs Prince Holding Group, with orchestrating a massive criminal operation built on forced labor that ripped off victims across America and worldwide.
The indictment got unsealed Tuesday in Brooklyn federal court, hitting the 37-year-old with wire fraud and money laundering charges. This marks the largest asset forfeiture in Justice Department history.
Chen’s still on the run, according to authorities. If they catch him and he gets convicted, he’s looking at up to 40 years in prison. FBI Director Kash Patel called it one of the largest financial fraud takedowns ever.
The scheme prosecutors described is what’s known as “ pig butchering ,” where scammers trick people into fake crypto investments through social media and messaging apps, then steal the money and blow it on luxury travel and entertainment.
What makes this even darker is the human trafficking angle. Prosecutors say Chen’s network trafficked hundreds of people and forced them to work in compounds across Cambodia that were basically labor camps with high walls and barbed wire. They allegedly paid bribes to officials and used political connections to dodge law enforcement.
Chen was previously a personal adviser to Cambodia’s prime minister, showing just how deep his protection went.
Conclusion
US authorities seized $15 billion in Bitcoin from Cambodian businessman Chen Zhi, accused of running a global crypto scam involving forced labor camps and pig butchering fraud schemes.
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