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DOJ seizes $15 billion in bitcoin from massive ‘pig butchering’ scam based in Cambodia
The DOJ seized 127,271 bitcoin worth $15 billion from a Cambodia-based scam using forced labor to defraud victims globally, marking the largest crypto forfeiture in U.S. history.
- The Department of Justice announced the indictment of Chen Zhi, the founder of Prince Holding Group, for running a $15 billion cryptocurrency scam that used forced labor in Cambodia.
- Chen Zhi faces charges, including wire fraud conspiracy and money laundering conspiracy, while the DOJ has seized approximately 127,271 bitcoins connected to the scam.
- Investigation revealed that fraudulent schemes in Cambodia used emotional manipulation to lure victims into investments, causing billions in losses.
- FBI Director Kash Patel described the operation as one of the largest financial fraud takedowns in history, targeting millions of innocent victims worldwide.
175 Articles
175 Articles
DOJ seizes $15 billion bitcoin in SE Asia crypto scam bust
On October 14, 2025, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN), in coordination with the United Kingdom’s Foreign, Commonwealth and Development Office (FCDO), took action against cryptocurrency-enabled scam networks operating in Southeast Asia. The designation includes the Prince Group Transnational Criminal Organization (TCO) and its vast […] The post DOJ seizes…
US charges Cambodian executive in massive crypto scam and seizes more than US$14 billion in bitcoin
NEW YORK: The United States government has seized more than US$14 billion in bitcoin and charged the founder of a Cambodian conglomerate in a massive cryptocurrency scam, accusing him and unnamed co-conspirators of exploiting forced labour to dupe would-be investors and using the proceeds to purchase yachts, jets an
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