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The US Department of Justice (DOJ) has proclaimed its most substantial cryptocurrency confiscation to date, seizing around $15 billion worth of Bitcoin (BTC) from crypto wallets associated with a man managing an extensive “pig butchering” deception operation located in Cambodia.
This notable operation was outlined in an indictment that was unsealed in federal court in Brooklyn, New York, on Tuesday, accusing the alleged fraudster, Chen Zhi, also referred to as “Vincent.”
Prince Group’s Suspected Fraud Tactics
Chen Zhi is the creator and chairman of the Prince Holding Group, a global conglomerate headquartered in Cambodia. Prosecutors assert that under his guidance, the group secretly developed into one of Asia’s most expansive transnational criminal entities.
US Attorney Joseph Nocella described Zhi’s actions as leading “one of the most significant investment fraud operations in history,” contributing to what the Attorney refers to as an “illicit industry” that has escalated to “epidemic proportions.”
According to Nocella, “Prince Group’s investment scams have resulted in billions of dollars in losses and immense suffering for victims globally, including here in New York, at the expense of individuals who have been trafficked and forced to labor against their will.”
Hundreds Trafficked for Bitcoin Fraud
The US Attorney’s Office disclosed that individuals held in these facilities were coerced into partaking in cryptocurrency investment fraud schemes, commonly labeled as “pig butchering” scams.
Funds transferred by victims were stolen and laundered to profit the criminals. The offenders allegedly fostered relationships with their victims over time, gaining their trust before seizing their money. Prosecutors emphasized that “hundreds of individuals” were trafficked and forced to participate in these fraudulent operations.
Moreover, Zhi and a network of high-ranking executives within the Prince Group are accused of exploiting political connections across numerous countries to protect their illicit endeavors. They allegedly offered bribes to public officials, thus effectively avoiding law enforcement scrutiny.
At the time of writing, Bitcoin is trading at $112,340, continuing its downward trend after a short recovery above $115,000 on Monday. As of now, Bitcoin is nearly 11% below all-time high levels.
Featured image from DALL-E, chart from TradingView.com
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