#cryptocurrency-seizure

#cryptocurrency-seizure

The U.S. government is moving to seize 127,271 BTC, valued at roughly $14 billion, tied to a sprawling online investment scam run by Chinese émigré Chen Zhi, 38, and his Cambodia-based Prince Group Transnational Criminal Organization. The action, announced Monday by the U.S. Treasury's Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN), comes as part of a sweeping crackdown on transnational cybercriminal networks and scams targeting U.S. and allied citizens.

The British and Chinese governments are set to go into battle over 5 billion worth of stolen cryptocurrency, reports suggest. Scotland Yard also made the world's largest seizure of cryptocurrency, worth 5.5 billion, which Chancellor Rachel Reeves hopes will help shore up public finances. But the Chinese Communist Party, led by president Xi Jinping, is also reportedly laying claim to the money. Beijing argues the 61,000 Bitcoins, which are understood to be with the Treasury, had originated from a Ponzi scheme that had targeted 128,000 investors in China between 2014 and 2017.