PHNOM PENH / LONDON (IT BOLTWISE) – The US government has seized $15 billion worth of Bitcoin linked to a global crypto fraud network. The case shows the increasing interconnectedness of cybercrime, human trafficking and digital finance. The suspected mastermind, Chen Zhi, remains at large.
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The US government has struck a significant blow against a global network of crypto fraudsters by seizing nearly $15 billion worth of Bitcoin. This digital currency was linked to Chen Zhi, a Cambodian businessman accused of running a wide-ranging network of forced labor and crypto investment fraud. The case highlights the growing overlap between cybercrime, human trafficking and digital finance.
Chen Zhi, founder and chairman of the Prince Group in Cambodia, is charged by the US justice system with conspiracy to commit wire fraud and money laundering. If convicted, he could face up to 40 years in prison. The entrepreneur is currently on the run. According to U.S. investigators, Chen’s organization established a global network of forced labor camps in Cambodia where workers were forced to engage in fraudulent investment deals under the threat of violence.
These workers were instructed to contact potential victims via messaging and social media platforms, posing as reputable financial professionals or investors. They convinced victims to transfer digital assets to specific wallets with the promise of high returns from investing in cryptocurrencies. The stolen assets were then moved through multiple accounts before being consolidated into crypto wallets controlled by Chen.
The seizure of 127,271 Bitcoin is one of the largest cryptocurrency seizures ever carried out by a government. These digital assets, found in unmanaged wallets, were only accessible via private keys allegedly held by Chen and his accomplices. The US government has now taken control of these wallets and is working with international partners to track additional assets and identify remaining participants in the network.
In the UK, assets belonging to Chen and his associates were also frozen, including 19 properties in London. These actions represent one of the most significant cross-border enforcement efforts involving digital assets. The case highlights how global crime networks are leveraging the structure of the cryptocurrency ecosystem to conduct human trafficking and fraud simultaneously.
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