US Charges Cambodian Executive in Massive Crypto Scam and Seizes More Than $14 Billion in Bitcoin

The U.S. government has seized more than $14 billion in bitcoin and charged Prince Holding Group chairman Chen Zhi with wire fraud conspiracy and money laundering conspiracy, according to Associated Press. The indictment was unsealed in Brooklyn as sanctions were imposed on Chen’s company, which is involved in real estate development and financial services, and the Treasury Department declared it a transnational criminal organisation.

Chen, 38, is accused of sanctioning violence against workers, bribing foreign officials and using his other businesses, such as online gambling and cryptocurrency mining, to launder illicit profits. Prosecutors said he bragged that the so‑called pig butchering scam was pulling in $30 million a day. Last year, the Treasury Department said Americans lost at least $10 billion to Southeast Asia‑based scams, with Prince Holding Group described as a dominant player in that space.