News Summary

The United States Department of Justice has seized a record $15 billion in bitcoin connected to a series of international scams known as ‘pig butchering’. These scams were orchestrated by Chen Zhi, the founder and chairman of the Prince Holding Group, a conglomerate based in Cambodia. The operation involved using trafficked workers confined in prison-like compounds to carry out online scams on a massive scale, targeting victims globally, including many in the U.S. Victims were manipulated through fake romantic relationships into investing in phony cryptocurrency funds. The seized funds represent one of the largest crackdowns on cyber-fraud to date, highlighting the extensive reach and sophisticated nature of Zhi’s criminal enterprise.