Feds Smash Scam Empire: $15 Billion in Bitcoin Seized in Record-Breaking Crackdown

Breaking News: Feds Seize Record-Breaking $15 Billion in Bitcoin from Alleged Scam Empire In a major crackdown on transnational organized crime, US and UK authorities have seized over $15 billion in bitcoin from the alleged operators of several notorious scam compounds in Southeast Asia. The coordinated action targets the Prince Group Transnational Criminal Organization, with 146 individuals and shell companies linked to the group facing financial sanctions. Timeline of Events The operation began on Tuesday, with officials from the US Department of the Treasury's Office of Foreign Assets Control (OFAC) issuing financial sanctions against the designated organization. The US Department of Justice (DOJ) and FBI were also involved in the sweeping action. The seized assets are believed to be linked to a series of romance and investment scams, often referred to as "pig butchering," which have stolen tens of billions from people worldwide over the past five years. Immediate Impact The seizure of $15 billion in bitcoin marks one of the largest-ever cryptocurrency confiscations by law enforcement. The move is expected to significantly disrupt the operations of the Prince Group and its affiliates, potentially freeing hundreds of thousands of human trafficking victims forced to run scam centers on behalf of criminal gangs. Background Context Southeast Asia has become a hub for transnational organized crime, with Cambodia being a hotspot for modern slavery and scam operations. The region's lax regulations and corrupt institutions have enabled the growth of these illicit networks, which exploit vulnerable individuals and siphon off billions in illicit funds. What Happens Next As authorities continue to dismantle the Prince Group's operations, experts warn that similar scams will likely emerge to fill the void. To combat this, governments and financial institutions must work together to develop more effective anti-money laundering measures and protect victims of these crimes. The seizure of $15 billion in bitcoin serves as a crucial reminder of the need for international cooperation in tackling transnational organized crime and its devastating impact on global society. *This story is developing. Information compiled from Wired reporting.*