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US charges Cambodian executive in massive crypto scam and seizes more than US$14 billion in bitcoin
The United States government has seized more than US$14 billion in bitcoin and charged the founder of a Cambodian conglomerate in a massive cryptocurrency scam, accusing him and unnamed co-conspirators of exploiting forced labour to dupe would-be investors and using the proceeds to purchase yachts, jets and a Picasso painting. In an indictment unsealed on Tuesday (Oct 14), Brooklyn federal prosecutors charged Prince Holding Group chairman Chen Zhi with wire fraud conspiracy and money laundering conspiracy. At the same time, US and British authorities imposed sanctions on Chen's company, which is involved in real ... (full story)
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From zerohedge.com | Oct 14, 2025
The United States government has taken custody of roughly 127,271 Bitcoin, worth about $15 billion, marking the largest cryptocurrency forfeiture in Department of Justice history. The move effectively adds a massive tranche to the federal government’s strategic Bitcoin reserves following the dismantling of an alleged transnational cyber-fraud empire based ...
From justice.gov | Oct 14, 2025
An indictment was unsealed today in federal court in Brooklyn, New York, charging UK and Cambodian national Chen Zhi, also known as Vincent, 37, the founder and chairman of Prince Holding Group (Prince Group), a multinational business conglomerate based in Cambodia, with wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s ...
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