Bitcoin Forfeiture: US Targets $14B Scam

US Seeks Forfeiture of $14 Billion in Bitcoin from Fraud Scheme

• The US Department of Justice has filed a civil forfeiture complaint to seize approximately 127,271 Bitcoin, valued at around $14 billion, linked to Chen Zhi.
• Chen Zhi, chairman of Cambodia’s Prince Group, is accused of operating forced-labor compounds and conducting ‘pig butchering’ scams.
• The case was filed in the Eastern District of New York as part of efforts to recover assets from transnational fraud networks.
• Authorities are collaborating with platforms like Binance to trace and seize funds associated with these scams.
• Recent arrests highlight the organized nature of these schemes, which use shell companies for laundering proceeds.

The US is intensifying its crackdown on international fraud schemes by seeking to seize $14 billion in Bitcoin linked to Chen Zhi’s alleged scams. This effort underscores the growing focus on recovering assets from illicit activities involving cryptocurrency.