"The U.S. government has seized bitcoin worth nearly $15 billion and charged a joint U.K.-Cambodian businessman, Prince Holding Group Chairman Chen Zhu, with wire fraud and money laundering. The Justice Department says the bitcoin is currently in U.S. government custody and calls the seizure the "largest forfeiture action" in the department's history. In an indictment unsealed on Tuesday in federal court in Brooklyn, N. Y., prosecutors allege that Chen and unnamed co-conspirators exploited forced labor at cyber scam centers in Cambodia,"
"bilking would-be investors out of billions of dollars, using some of the proceeds to purchase yachts, jets, even a Picasso. Chen remains at large. If found and convicted he faces up to 40 years in prison. The indictment says people held against their will in the compounds were forced to engage in fraudulent investment schemes, also known as "pig butchering" scams that stole billions from unsuspecting investors around the world."
U.S. authorities seized nearly $15 billion in bitcoin now held in government custody and labeled the seizure the largest forfeiture action in Justice Department history. An indictment unsealed in Brooklyn alleges Chen Zhu and unnamed co-conspirators exploited forced labor at cyber scam centers in Cambodia, bilking would-be investors of billions and using proceeds to buy yachts, jets and a Picasso. The indictment states victims were held against their will and forced to run fraudulent investment, or "pig butchering," schemes that stole billions from global investors. Chen remains at large and faces up to 40 years if convicted. The Prince Holding Group is described as a front for a major transnational criminal organization in Asia. Attorney General Pamela Bondi and Deputy Attorney General Todd Blanche characterized the action as a significant strike against human trafficking and cyber-enabled financial fraud.
Read at www.npr.org
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