Record-Breaking $15B Bitcoin Seizure from Alleged Cambodian Scam Operation
The U.S. Department of Justice has made a historic move, announcing the largest cryptocurrency forfeiture ever recorded. An estimated 127,271 Bitcoin, equivalent to a staggering $15 billion, was seized from a purported large-scale fraud operation. The confiscated cryptocurrency has been linked to Chen Zhi, the founder of Cambodia’s Prince Holding Group. Zhi is accused of running forced labor camps involved in ‘pig butchering’ investment scams.
Federal prosecutors have alleged that since 2015, Chen and his co-conspirators have been exploiting forced labor in cyber scam centers throughout Cambodia. Their operation has reportedly swindled investors worldwide, deceiving them out of billions of dollars. The scam involved emotionally manipulating victims through fabricated romantic relationships, before persuading them to invest in fraudulent cryptocurrency schemes.
The seized Bitcoin, which is now in the custody of the U.S. government, represents the proceeds from what officials have labeled as one of the largest investment fraud operations in history. Chen, who remains at large, could face up to 40 years in prison if convicted. This seizure could significantly bolster the U.S. government’s Bitcoin reserves, potentially raising it to over 325,000 BTC.
Source: www.justice.gov