DEVELOPING: U.S. Indicts Cambodian Tycoon in Cryptocurrency Scam, Massive Losses Feared

BREAKING: U.S. Indicts Cambodian Tycoon in Cryptocurrency Scam, Massive Losses Feared The U.S. government has charged Chen Zhu, Chairman of Prince Holding Group and a joint U.K.-Cambodian businessman, with wire fraud and money laundering in connection with a massive cryptocurrency scam. The indictment alleges that Chen exploited forced labor at cyber scam centers in Cambodia to bilk investors out of billions of dollars. Critical Details: The U.S. government has seized nearly $15 billion worth of bitcoin. Chen remains at large and faces up to 40 years in prison if convicted. The Justice Department calls the seizure the "largest forfeiture action" in its history. Background Context: The indictment alleges that people held against their will in cyber scam centers were forced to engage in fraudulent investment schemes, known as "pig butchering" scams. These scams targeted unsuspecting investors around the world and resulted in massive losses. Current Status: Chen is currently at large, and his whereabouts are unknown. The U.S. government has taken control of nearly $15 billion worth of bitcoin, which is being held in custody. The investigation is ongoing, and further developments are expected in the coming days. Developing Story Disclaimer: This is a developing story, and details may change as more information becomes available. This article will be updated as new information emerges. *This is a developing story. Updates will be provided as more information becomes available. Based on reporting from Npr.*