DOJ Seizes $15 Billion in Bitcoin from Cambodia-Based 'Pig Butchering' Fraud Scheme
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pseudolus
7mo ago· 2 min readenNews
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Summary
The U.S. Department of Justice has seized approximately $15 billion in bitcoin from a massive 'pig butchering' cryptocurrency fraud scheme based in Cambodia. The operation, allegedly overseen by Chen Zhi (also known as 'Vincent'), involved forced-labor compounds running investment scams that stole billions from victims worldwide. This represents the largest forfeiture action in DOJ history. Zhi, a 38-year-old Chinese-born emigre, has been indicted on wire fraud and money laundering conspiracy charges but remains at large.
Key quotes
· 5 pulledThe Department of Justice has seized about $15 billion worth of bitcoin held in cryptocurrency wallets owned by a man who oversaw a massive 'pig butchering' fraud operation based in Cambodia
The seizure is the largest forfeiture action sought by the DOJ in history
An indictment charging the alleged pig butcher, Chen Zhi, with wire fraud conspiracy and money laundering conspiracy was unsealed Tuesday in federal court in Brooklyn, New York
Zhi, a 38-year-old Chinese-born emigre who is also known as 'Vincent,' remains at large
forced-labor compounds ran cryptocurrency investment fraud schemes that stole billions of dollars from victims in the U.S. and elsewhere
An indictment says forced-labor compounds ran cryptocurrency investment fraud schemes that stole billions of dollars from victims in the U.S. and elsewhere.
