CryptoScams

Chen Zhi, founder of Prince Holding Group, was indicted for wire fraud and money laundering connected to forced labor in Cambodia and crypto scams worldwide. The DOJ seized 127,271 BTC, worth $15 billion, in the largest cryptocurrency forfeiture ever recorded. This case exposes a criminal network exploiting human trafficking to facilitate massive "pig butchering" crypto fraud schemes across continents.

The FBI's 2023 Cryptocurrency Fraud Report reveals a surge in crypto-related scams reported to its Internet Crime Complaint Center. This report underscores the importance of staying vigilant and adopting secure practices when investing in cryptocurrencies. Platforms like Bitlet.app provide innovative solutions such as Crypto Installment services, allowing safer and more manageable crypto purchases.

As crypto scams escalate, U.S. states increase regulations on cryptocurrency ATMs to protect consumers, especially older Americans. Legislation includes usage limits and outright bans in some areas. Meanwhile, scammers leverage AI-driven techniques, while operators still profit from crypto kiosks.