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 is the largest forfeiture ever. The Bitcoin was linked to Chen Zhi, a UK and Cambodian national. He is the founder of the Prince Group.
Prosecutors say Zhi ran a criminal network in cambodia.It forced people to work in “pig butchering” scams. These scams tricked people into investing in fake crypto. The victims lost millions.
The indictment claims Zhi used his business network to hide the money. They used complex crypto techniques and bought luxury items. This included a Picasso painting.
Prince Group seemed like a legitimate business. It had real estate,financial services,and consumer services. But prosecutors say it was a front for criminal activities.
Zhi allegedly managed the scam compounds personally. He kept records of profits and schemes. He also oversaw “phone farms” that targeted victims globally.
Victims were tricked into investing in fake crypto.Their funds were then stolen and laundered. The seized Bitcoin was in unhosted wallets. Zhi controlled the private keys.
The criminal proceeds funded a lavish lifestyle. This included watches, yachts, and private jets. the Picasso painting was bought with stolen funds.
