Almost $15 billion worth of cryptocurrency has been nabbed by the U.S. Department of Justice from Prince Group Holding Group founder and chairman Chen Zhi, who led a massive Cambodia-based romance baiting operation, marking the agency's largest bitcoin seizure so far, reports SiliconANGLE.
Aside from sequestering the bitcoin proceeds obtained from Cambodian forced labor scam compounds, the U.S. Justice Department also moved to charge Chen, also known as Vincent, with money laundering conspiracy and wire fraud conspiracy.
Nearly 150 individuals and organizations associated with Prince Group and Chen have also been sanctioned by the Treasury Department's Office of Foreign Assets Control, while the department's Financial Crimes Enforcement Network also severed leading financial network Huione Group's ties with U.S. banks over allegedly extensive money laundering activities for Cambodian scam hubs.
Such action was noted by Attorney General Pam Bondi and Deputy Attorney General Todd Blanche to be among the "most significant strikes" against cyber-related financial fraud and human trafficking.
Aside from sequestering the bitcoin proceeds obtained from Cambodian forced labor scam compounds, the U.S. Justice Department also moved to charge Chen, also known as Vincent, with money laundering conspiracy and wire fraud conspiracy.
Nearly 150 individuals and organizations associated with Prince Group and Chen have also been sanctioned by the Treasury Department's Office of Foreign Assets Control, while the department's Financial Crimes Enforcement Network also severed leading financial network Huione Group's ties with U.S. banks over allegedly extensive money laundering activities for Cambodian scam hubs.
Such action was noted by Attorney General Pam Bondi and Deputy Attorney General Todd Blanche to be among the "most significant strikes" against cyber-related financial fraud and human trafficking.
