Key dealers
- The US authorities are trying to seize approximately $ 14 billion in Bitcoin linked to Chen Zhi, accused of operating a butching fraud.
- The case was submitted into the eastern district in New York and highlights the US effort to recover assets from transnational fraud networks.
US Advocate Office of Eastern District of New York (Edny), along with the Department of Justice’s National Security Division, have submitted A complaint about civil enhancement in the federal court that tries to seize approximately $ 127,271 Bitcoin, worth approximately $ 14 billion at current market prices, linked to Chen Zhi, chairman of Cambodia’s Prince Group.
ZHI is accused of running forced labor associations involved in “pig slaughter” fraud, online romance and investment fraud such as fraud victims all over the world.
The United States has intensified efforts to recover assets from international fraud programs, including collaborations with platforms such as Binance to track and seize funds linked to pig cams. The Eastern District in New York has handled several cases involving crypto forfeit from romance fraud as part of a broader pressure against transnational fraud networks.
Gris slaughter fraud has been developed to integrate shell companies for laundry revenue, with the latest arrests of Chinese citizens that illustrate their organized nature. Bitcoin has become increasingly focused on seizure for law enforcement bound to illegal activities when the authorities expand the recovery efforts.
