Feds Seize Record-Breaking $15 Billion in Bitcoin From Alleged Scam Empire

Over nan past 5 years, criminals down wide romance and finance scams—often inelegantly referred to arsenic “pig butchering”—have stolen tens of billions from group astir nan world. Now rule enforcement has carried retired 1 of its biggest operations yet against that sprawling scam industry, targeting nan operators of respective modern slavery scam compounds successful Southeast Asia—where, arsenic a whole, hundreds of thousands of quality trafficking victims person been forced to tally nan fraud operations connected behalf of criminal gangs.

On Tuesday, officials successful nan United States and United Kingdom took coordinated action against 1 elephantine Cambodian statement and its leader who has allegedly tally a bid of notorious scam centers successful nan country. The US Treasury Department’s Office of Foreign Assets Control (OFAC) announced it has issued financial sanctions against 146 “targets” linked to nan recently designated Prince Group Transnational Criminal Organization. This action includes targeting individuals and ammunition companies linked to nan alleged criminal enterprise. As portion of nan sweeping action besides involving nan FBI, nan US Department of Justice (DOJ) has besides seized almost 130,000 bitcoin worthy astir $15 cardinal astatine nan clip of nan announcement—the largest US cryptocurrency seizure to date.

This Prince Group organized crime entity, OFAC says, is made up of nan Prince Holding Group, a Cambodia-based company, its president and CEO Chen Zhi, and his associates and business partners. Publicly, nan institution describes itself arsenic “one of nan largest conglomerates successful Cambodia” and says it is progressive successful existent property improvement and financial services. However, nan DOJ alleges that “in secret” Chen and different executives “grew Prince Group into 1 of Asia’s largest transnational criminal organizations” and ran astatine slightest 10 scam compounds crossed Cambodia.

“As alleged, nan suspect directed 1 of nan largest finance fraud operations successful history, fueling an illicit manufacture that is reaching pandemic proportions,” said Joseph Nocella Jr., a US lawyer for nan Eastern District of New York, in a statement. “Prince Group’s finance scams person caused billions of dollars successful losses and untold misery to victims astir nan world.” Chen has not been arrested and remains astatine large, nan DOJ says.

“The masterminds down these horrific scam centers are ruining nan lives of susceptible group and buying up London homes to shop their money,” Britain’s overseas secretary, Yvette Cooper, said successful a statement. The UK besides placed financial sanctions connected Chen, nan Prince Group, and different linked entities. The UK’s sanctions besides “freeze” businesses and properties allegedly linked to Chen successful London, including a £12 cardinal ($16 million) mansion successful North London and a £100 cardinal ($133 million) agency building successful nan City of London.

A WIRED email to an reside listed arsenic a media interaction connected nan Prince Holding Group website instantly bounced back.