US Government Poised for $14B Bitcoin Windfall in Pig Butchering Forfeiture
Zhi is charged with operating forced-labor compounds that defrauded victims all over the world
Quick overview
- The DOJ and US Attorney's Office for EDNY have filed a civil forfeiture complaint to seize approximately 127,271 Bitcoin valued at $14 billion, linked to Chen Zhi of Cambodia's Prince Group.
- Zhi faces charges for operating forced-labor compounds and defrauding victims globally through various scams, including online romance and investment schemes.
- The US is intensifying efforts to recover assets from global fraud, collaborating with platforms like Binance to track and confiscate funds related to these schemes.
- Recent cases in the Eastern District of New York highlight the organized nature of pig butchering scams, with law enforcement increasingly targeting Bitcoin linked to illegal activities.
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The National Security Division of the Department of Justice and the US Attorney’s Office for the Eastern District of New York (EDNY) have filed a civil forfeiture complaint in federal court to seize approximately 127,271 Bitcoin, which is valued at $14 billion at current market prices, that are connected to Chen Zhi, the chairman of Cambodia’s Prince Group
Zhi is charged with operating forced-labor compounds that defrauded victims all over the world through online romance, investment, and “pig butchering” scams.
The US has stepped up its efforts to retrieve assets from global fraud schemes, including working with websites like Binance to track down and confiscate money connected to schemes involving the butchering of pigs.
The Eastern District of New York has addressed several cases involving the forfeiture of cryptocurrency linked to romance scams as part of a broader campaign against international fraud networks. Recent arrests of Chinese nationals have highlighted the organized nature of pig butchering scams, which now include the use of shell companies to launder proceeds.
Bitcoin has become a more frequent target of law enforcement seizures linked to illegal activity as authorities increase recovery efforts
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