US Edition
US, UK Sanction Cambodian Prince Group Over $15B 'Pig-Butchering' Scam
- The U.S. government has charged Chen Zhi, chairman of Prince Holding Group, with wire fraud and money laundering following a cryptocurrency scam that exploited forced labor, leading to a seizure of over $14 billion in bitcoin.
- Chen Zhi is accused of using forced labor to conduct scams, resulting in billions lost by investors, with links to luxury purchases.
- The Treasury Department declared Prince Holding Group a transnational criminal organization amidst ongoing investigations since 2020.
- U.S. and British authorities imposed sanctions on Chen’s company, further highlighting its role as a significant player in transnational crime, according to the Treasury Department.
211 Articles
211 Articles
DOJ seizes about $15B in bitcoin in 'pig butchering' bust
(NewsNation) — The Department of Justice says it has seized the most money it's ever recovered in one action in targeting the founder of a Cambodian conglomerate accused in a massive cryptocurrency scam. The department says it took about $15 billion worth of bitcoin from an operation run by Chen Zhi, 37, according to an indictment unsealed Tuesday. Zhi, a native of China who is also known as “Vincent,” runs the Prince Holding Group, based in Cam…
DOJ seizes $15B bitcoin from pig butchering scam kingpin
The Department of Justice seized $15 billion in bitcoin from Chen "Vincent" Zhi, founder of Prince Holding Group, who allegedly ran cryptocurrency-enabled forced labor operations across Cambodia. According to CNBC, prosecutors discovered facilities housing trafficked workers who operated 1,250 phones controlling 76,000 social media accounts — all designed to execute "pig butchering" scams that exploited vulnerable Americans. — Read the rest The …
Coverage Details
Bias Distribution
- 49% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
