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U.S. Government Adds To Bitcoin Reserve With Historic $15 Billion Seizure In Forced Labor Crypto Scam Case
The US government seized approximately 127,271 Bitcoin, valued at $15 billion, representing the largest cryptocurrency forfeiture in DOJ history. This seizure followed the dismantling of an alleged cyber-fraud empire operating from Cambodia. Chen Zhi, also known as Vincent, and chairman of Prince Holding Group, faces charges of wire fraud and money laundering conspiracies. Prosecutors accuse Chen and his associates of running forced-labor scam compounds in Cambodia. These compounds allegedly executed "pig butchering" scams, stealing billions from victims globally. The seized Bitcoin, referred to as Defendant Cryptocurrency, is now under the control of the US government. The case is seen as a major strike against human trafficking and cyber-enabled financial fraud. The indictment details how Prince Group trafficked workers and forced them to commit online scams. Illicit crypto proceeds were laundered using sophisticated methods to hide their origins. Chen, described as the mastermind, remains at large and faces sanctions along with his company. The FBI led the investigation, highlighting the takedown as one of the largest financial fraud operations in history. The goal is to bring justice to victims and ensure that such crimes do not profit those involved.