DOJ’s Largest Bitcoin Seizure: $15 Billion In BTC Linked To Cambodian ‘Pig Butchering’ Scam
The US Department of Justice (DOJ) has introduced its largest cryptocurrency seizure up to now, confiscating roughly $15 billion value of Bitcoin (BTC) from cryptocurrency wallets linked to a person overseeing a large-scale “pig butchering” fraud operation based mostly in Cambodia.
This vital operation was detailed in an indictment unsealed in federal court docket in Brooklyn, New York, on Tuesday, charging the alleged fraudster, Chen Zhi, often known as “Vincent.”
Prince Group’s Alleged Fraud Schemes
Chen Zhi is the founder and chairman of the Prince Holding Group, a multinational conglomerate based mostly in Cambodia. Prosecutors allege that below his management, the group developed “in secret” into one in every of Asia’s most intensive transnational felony organizations.
US Attorney Joseph Nocella characterised Zhi’s efforts as directing “one of many largest funding fraud schemes in historical past,” contributing to what the Attorney calls as an “illicit business” that has reached “epidemic ranges.”
According to Nocella, “Prince Group’s funding scams have brought on billions of {dollars} in losses and untold distress to victims around the globe, together with right here in New York, on the backs of people who’ve been trafficked and compelled to work towards their will.”
Hundreds Trafficked For Bitcoin Fraud
The US Attorney’s Office revealed that people held in these compounds have been coerced into collaborating in cryptocurrency funding fraud schemes, generally known as “pig butchering” scams.
The funds transferred by victims have been stolen and laundered to learn the fraudsters. The perpetrators allegedly cultivated relationships with their victims over time, incomes their belief earlier than taking their cash. Prosecutors highlighted that “tons of of people” have been trafficked and compelled to work in these rip-off operations.
Furthermore, Zhi and a community of senior executives inside the Prince Group are accused of leveraging political connections throughout a number of nations to safeguard their felony actions. They allegedly paid bribes to public officers, successfully evading regulation enforcement scrutiny.
When writing, Bitcoin trades at $112,340, resuming its downtrend after a short restoration above $115,000 on Monday. As of now, Bitcoin trades almost 11% from all-time high ranges.
Featured picture from DALL-E, chart from TradingView.com
