U.S. DOJ Seizes $15 Billion in Bitcoin from Leader of Major Crypto Scam

In a groundbreaking law enforcement action, the U.S. Department of Justice announced the seizure of about $15 billion in bitcoin connected to Chen Zhi, also known as Vincent, the alleged mastermind behind the notorious 'pig butchering' scam operation headquartered in Cambodia. This seizure marks one of the largest busts in cryptocurrency fraud history.

Chen Zhi leads the Prince Holding Group, described by prosecutors as a major transnational criminal organization responsible for extensive financial scams causing billions of dollars in losses globally. Victims were lured through social media under false promises of lucrative cryptocurrency investments, only to be defrauded out of their assets. Disturbingly, many were also trafficked and forced to work under coercive conditions in fraud compounds in Cambodia.

The indictment, unsealed in federal court in Brooklyn, New York, accuses Zhi and his associates of using bribery and political influence to shelter their illicit operations from law enforcement scrutiny.

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This case highlights the importance of vigilance in the crypto space and underscores ongoing efforts to combat fraud and protect investors worldwide.