A Shocking Crackdown! The United States Seizes 127,000 Bitcoins from a Cambodian Fraud Group, Setting a Record of $15 Billion in Forfeitures!
The U.S. Department of Justice has dismantled the massive fraud network known as the 'Prince Group' in Cambodia, seizing up to 127,000 Bitcoins, valued at approximately $15 billion at current market prices. This sets a record for the largest single asset seizure in the history of the U.S. Department of Justice.
The leader of this criminal empire, Chen Zhi, is from Lianjiang, Fujian. He presents himself as a legitimate businessman operating in real estate and finance in Cambodia, even holding the title of 'Duke' in Cambodia. However, he secretly operates at least ten so-called 'fraud parks' in Cambodia. In these parks, individuals lured in are forced to carry out 'pig-butchering' scams, manipulating over 76,000 social media accounts to specifically lure global victims into investing in fraudulent platforms.
This operation by the U.S. Department of Justice not only seized the Bitcoins but also collaborated with the British government to freeze 19 properties owned by Chen in London, including office buildings worth over £100 million. This case clearly demonstrates that using cryptocurrencies for illegal activities is not beyond the law, as the transparency of blockchain technology enables law enforcement to track the flow of funds.
From a market perspective, the amount of Bitcoins seized is enormous, accounting for about 1% of the circulating supply of Bitcoins. However, according to an executive order signed by President Trump in March of this year, these Bitcoins will likely be included in the 'Strategic Bitcoin Reserve' managed by the Treasury for long-term holding, rather than being immediately released into the market. This may reduce the supply of Bitcoins in circulation, potentially providing support for Bitcoin prices in the long run. Chen Zhi is still on the run, and if convicted, he faces up to 40 years in prison.
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