The United States government has seized 127,195 Bitcoin linked to fraudulent activities associated with Chen Zhi, the chairman of Cambodia’s Prince Group. Authorities valued the seized cryptocurrency at more than $15 billion at the time of the operation. Officials described the seizure as one of the largest in US history.
Investigators stated that the seized Bitcoin originated from a wide range of cyber scams, including forced labor operations and “pig butchering” schemes. These scams involved victims being lured into fraudulent investments that funneled funds into crypto wallets controlled by the network. The Justice Department confirmed that the assets would remain under government control as legal proceedings continue.
The seizure added to the existing digital assets already in US custody. With this move, the government now holds more than 316,000 Bitcoin from past enforcement actions. The Department of Justice noted that this recovery is indicative of the increased importance of cryptocurrency in international fraud matters.