The U.S. government has charged Chen Zhi, chairman of Cambodia’s Prince Holding Group, in connection with a massive cryptocurrency fraud scheme. Federal prosecutors allege that Chen orchestrated a global "pig butchering" scam, utilizing forced labor camps in Cambodia to deceive victims into investing in fake cryptocurrency ventures. The operation reportedly generated up to $30 million per day, amassing over $15 billion in Bitcoin, which has now been seized by U.S. authorities. AP News
Key Details:
Charges: Wire fraud conspiracy and money laundering conspiracy.
Seized Assets: Over 127,000 Bitcoins, luxury yachts, private jets, and a Picasso painting. New York Post
Victims: Global, with significant losses reported in the U.S.
Sanctions: The U.S. Treasury has designated Chen and Prince Holding Group as a transnational criminal organization. The Guardian
Context:
This case highlights the growing threat of online investment scams, particularly those originating from Southeast Asia. The U.S. and U.K. have intensified efforts to combat such operations, underscoring the need for increased vigilance and regulation in the cryptocurrency space. AP News
Chen remains at large and faces up to 40 years in prison if convicted.