"DOJ Cracks Global 'Pig Butchering' Scam, Seizing $15 Billion in Bitcoin"

DOJ Seizes $15 Billion in Bitcoin from Global 'Pig Butchering' Scam Mastermind In a historic move, the U.S. Department of Justice (DOJ) has seized approximately $15 billion in bitcoin linked to a massive global "pig butchering" scam, allegedly run by Chen Zhi, founder of Cambodia's Prince Holding Group. This seizure marks the largest forfeiture action by the DOJ to date. According to court filings, Chen Zhi, also known as "Vincent," remains at large and is accused of running one of the world's biggest "pig butchering" scams. Prosecutors say his network trafficked people into forced-labor scam compounds that defrauded victims worldwide through fake crypto investment schemes. The operation exploited social media and messaging apps to lure in unsuspecting investors. The indictment charging Chen Zhi was unsealed on Tuesday in federal court in Brooklyn, New York. "This seizure is a significant blow to the perpetrators of this massive scheme," said a DOJ spokesperson. "We will continue to work tirelessly to bring those responsible to justice." The scam, which has been described as one of the largest and most complex ever seen, involved the theft and laundering of billions of dollars through fake crypto investment schemes. Chen Zhi's network allegedly used social media platforms and messaging apps to lure in victims, who were then forced into labor camps where they were subjected to physical and emotional abuse. The seizure is a major victory for law enforcement agencies worldwide, which have been working together to dismantle the scam. "This case highlights the importance of international cooperation in combating transnational organized crime," said a spokesperson for Interpol. Chen Zhi's Prince Holding Group has denied any involvement in the scam, but court documents suggest that the company was used as a front to launder money and fund the operation. The group's chairman, Chen Zhi, is believed to have fled Cambodia and is currently at large. The DOJ's seizure of $15 billion in bitcoin is a significant step forward in bringing those responsible for the scam to justice. As investigations continue, authorities are working to recover assets and bring charges against those involved. In related news, the Cambodian government has announced plans to review its anti-money laundering laws and regulations in light of the scandal. "We take these allegations very seriously and will do everything in our power to prevent such crimes from happening again," said a spokesperson for the Ministry of Economy and Finance. The case serves as a stark reminder of the dangers of online scams and the importance of vigilance when investing in cryptocurrencies. As one expert noted, "This case highlights the need for greater awareness and education about the risks associated with crypto investment schemes." The DOJ's investigation is ongoing, and authorities are working to recover assets and bring charges against those involved. The case is a significant blow to the perpetrators of this massive scheme, and it serves as a reminder that law enforcement agencies worldwide will continue to work together to combat transnational organized crime. Sources: U.S. Department of Justice CNBC Interpol This story was compiled from reports by Slashdot and Slashdot.