Comprehensive Cryptocurrency Seizure by the US Department of Justice
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In a groundbreaking development, the United States Department of Justice (DOJ) has executed its most substantial cryptocurrency seizure to date. This operation involved the confiscation of nearly $15 billion in Bitcoin (BTC) from digital wallets linked to an individual allegedly orchestrating a large-scale “pig butchering” fraud scheme in Cambodia.
The indictment, which was unveiled in federal court in Brooklyn, New York, charges the accused fraudster, Chen Zhi, who is also known by the alias “Vincent.”
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Exploring the Alleged Fraudulent Activities of Prince Group
Chen Zhi serves as the founder and chairman of Prince Holding Group, a multinational conglomerate headquartered in Cambodia. Under his leadership, prosecutors assert that the group evolved covertly into one of Asia’s most extensive transnational criminal organizations.
United States Attorney Joseph Nocella described Zhi’s actions as orchestrating “one of the most significant investment fraud schemes on record,” which he claims has fueled an “illicit industry” that has reached “epidemic proportions.” According to Nocella, the fraudulent investment schemes run by the Prince Group have inflicted billions of dollars in losses and immense suffering on victims globally, including those in New York. These schemes were built on the exploitation of trafficked individuals forced into servitude.
Mass Trafficking for Cryptocurrency Fraudulent Activities
The US Attorney’s Office disclosed that individuals detained in these compounds were coerced into participating in cryptocurrency investment scams, commonly referred to as “pig butchering” schemes. The funds obtained from victims were misappropriated and laundered for the benefit of the fraudsters. The accused reportedly built relationships with their victims over time, gaining their trust before defrauding them of their money. Prosecutors pointed out that “hundreds of individuals” were trafficked and forced to work in these fraudulent operations.
Moreover, Zhi and a network of high-ranking executives within the Prince Group are accused of exploiting political connections in various countries to shield their criminal activities. They allegedly engaged in bribery of public officials to evade law enforcement detection.
As of the latest update, Bitcoin is trading at $112,340, showing increased volatility and continuing its downtrend after a brief recovery above $115,000 earlier in the week. Currently, Bitcoin trades nearly 11% below its all-time high levels.
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