U.S.Seizes Record $15 Billion in Bitcoin from Alleged Criminal Network
On October 14, the U.S. Department of Justice made history. They seized about $15 billion in Bitcoin.This massive forfeiture came from unhosted wallets linked to Chen Zhi, a UK adn Cambodian national. Zhi is the founder of the Prince Group.
Prosecutors claim zhi ran a transnational criminal enterprise.It operated forced-labor camps in Cambodia. These camps were the base for “pig butchering” scams. This type of scam involves tricking people into investing in fake cryptocurrency.
The indictment reveals how the Prince Group used its global business network. They laundered funds through complex crypto techniques. They also made luxury purchases, like a Picasso painting.
Chen Zhi remains at large. The DOJ alleges he personally managed the scam compounds. He kept detailed records of profits and schemes. He also oversaw “phone farms,” which used thousands of phones to target victims globally.
Victims were contacted through messaging apps. They were tricked into investing in fraudulent crypto. Their funds were then stolen and laundered.
To hide the illicit funds, the group used advanced crypto laundering techniques. They broke down large volumes of crypto across many wallets. this broke the audit trail.
The seized assets were held in unhosted wallets. Zhi controlled the private keys. The group used the stolen funds for a lavish lifestyle. This included luxury items like yachts and private jets.
