The US government has seized over $14 billion in bitcoin and charged Chen Zhi, founder of Cambodia-based Prince Group, with masterminding a massive cryptocurrency scam involving forced labor. Chen, a UK and Cambodian national, is accused of wire fraud conspiracy and money laundering. His businesses have been sanctioned by the US and UK, with UK authorities freezing his network's assets, including 19 London properties. US prosecutors described the seizure as one of the largest financial takedowns and the biggest bitcoin seizure in history, with around 127,271 bitcoin confiscated.
Chen allegedly operated a "sprawling cyber-fraud empire" under Prince Group, which prosecutors claim is one of Asia's largest transnational criminal organizations. Victims were lured online with false investment promises, transferring cryptocurrency before it was stolen. Court documents reveal Chen directed the operation of at least ten scam compounds in Cambodia, utilizing "phone farms" with thousands of mobile phones and social media accounts to conduct scams. Employees were reportedly given tips on how to build rapport with victims and make scam accounts appear more genuine.
US Assistant Attorney General John A. Eisenberg stated Prince Group was a "criminal enterprise built on human suffering," involving the trafficking and confinement of workers forced to carry out scams under threat. The illicit proceeds were allegedly used for luxury travel, private jets, rare artwork, and investments in UK property. Chen faces up to 40 years in jail if convicted. The UK's sanctioning of Chen and his network freezes them out of the UK financial system, wit... download the app to read more
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