U.S. Seizes $15B Bitcoin, Charges Chen Zhu | JQJO

The U.S. seized nearly $15 billion in bitcoin and charged U.K.-Cambodian businessman Chen Zhu, chairman of Prince Holding Group, with wire fraud and money laundering in what the Justice Department calls its largest forfeiture action. An unsealed Brooklyn indictment alleges Chen used forced labor at Cambodian cyber-scam centers to run “pig-butchering” schemes, funding yachts, jets and a Picasso. Chen remains at large and faces up to 40 years if convicted. The U.S. and U.K. also sanctioned his company. Prince Bank said operations in Cambodia continue. A senior analyst called it a major step but warned the groups adapt.