US Seizes $15B in Bitcoin, Charges Cambodian Tycoon in Crypto Fraud Case
The US authorities have charged Cambodian businessman Chen Zhi, chairman of Prince Holding Group, for allegedly running one of the largest cryptocurrency fraud operations in history.
The Justice Department seized over 127,000 bitcoins—worth about $15 billion—and imposed sweeping sanctions and asset freezes targeting Chen’s vast business network in multiple countries.
Federal prosecutors in Brooklyn charged Chen Zhi with wire fraud and money laundering conspiracy in connection with a years-long crypto investment scam. The US Department of Justice said the operation used forced labor to run “pig butchering” scams. These were fraudulent crypto investment pitches…
