US Department of Justice Seizes $15 Billion in Bitcoin from Major Cambodia-Based "Pig Butchering" Scam

Deep News

Oct 14

US prosecutors announced Tuesday that the Department of Justice has seized approximately $15 billion worth of Bitcoin held by a man who oversaw a large-scale "pig butchering" fraud network operating from Cambodia.

This seizure represents the largest asset forfeiture action in the Department of Justice's history.

An indictment charging the alleged mastermind of the "pig butchering" scheme, Chen Zhi, was unsealed Tuesday in Brooklyn federal court in New York.

According to the US Attorney's Office for the Eastern District of New York, Chen Zhi, who goes by the alias "Vincent," remains at large.

Court documents identify Chen Zhi as the founder and chairman of Prince Holding Group, a Cambodia-based multinational business conglomerate.

The US Attorney's Office noted in a press release that Prince Group operates "fraud compounds throughout Cambodia."

The press release stated: "Individuals illegally detained within these compounds participate in cryptocurrency investment fraud schemes, known as 'pig butchering' scams, which have stolen billions of dollars from victims in the United States and around the world."

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23:30</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>US prosecutors announced Tuesday that the Department of Justice has seized approximately $15 billion worth of Bitcoin held by a man who oversaw a large-scale \"pig butchering\" fraud network operating from Cambodia.</p>\n<p>This seizure represents the largest asset forfeiture action in the Department of Justice's history.</p>\n<p>An indictment charging the alleged mastermind of the \"pig butchering\" scheme, Chen Zhi, was unsealed Tuesday in Brooklyn federal court in New York.</p>\n<p>According to the US Attorney's Office for the Eastern District of New York, Chen Zhi, who goes by the alias \"Vincent,\" remains at large.</p>\n<p>Court documents identify Chen Zhi as the founder and chairman of Prince Holding Group, a Cambodia-based multinational business conglomerate.</p>\n<p>The US Attorney's Office noted in a press release that Prince Group operates \"fraud compounds throughout Cambodia.\"</p>\n<p>The press release 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Department of Justice's history.\nAn indictment charging the alleged mastermind of the \"pig butchering\" scheme, Chen Zhi, was unsealed Tuesday in Brooklyn federal court in New York.\nAccording to the US Attorney's Office for the Eastern District of New York, Chen Zhi, who goes by the alias \"Vincent,\" remains at large.\nCourt documents identify Chen Zhi as the founder and chairman of Prince Holding Group, a Cambodia-based multinational business conglomerate.\nThe US Attorney's Office noted in a press release that Prince Group operates \"fraud compounds throughout Cambodia.\"\nThe press release stated: \"Individuals illegally detained within these compounds participate in cryptocurrency investment fraud schemes, known as 'pig butchering' scams, which have stolen billions of dollars from victims in the United States and around the 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