LawEnforcement

Chen Zhi, chairman of Prince Holding Group, indicted for orchestrating a forced-labor and crypto fraud scheme involving over 127,000 Bitcoins valued at $15 billion. U.S. authorities launch record-setting forfeiture action in fight against human trafficking and cybercrime.

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 has confiscated more than $2.4 million in Bitcoin from a member of the Chaos ransomware group, marking a significant victory in the fight against cybercrime. The seizure highlights the challenges cybercriminals face despite using cryptocurrencies for anonymity.