CRIME & LAW

US charges Chen Zhi after $14bn bitcoin seizure

The U.S. has charged 37-year-old Chen Zhi, of Cambodia’s Prince Group, with running a vast cyber-fraud network, alleging scam compounds that stole billions in cryptocurrency. Treasury says it seized about $14bn in bitcoin, calling it the largest crypto seizure. The U.S. and UK sanctioned 128 companies and 17 people tied to alleged crimes including sextortion, trafficking and torture. China is also investigating. Businesses are scrambling to cut ties; South Korea froze $64m, and Singapore and Thailand promised probes. Cambodia’s central bank moved to calm Prince Bank depositors. Chen, once feted as a philanthropist, has not been seen since.

Reviewed by JQJO team

#crypto #scam #fraud #cybercrime #investigation