US charges Cambodian executive in massive crypto scam and seizes more than $14 billion in bitcoin
The U.S. government has seized more than $14 billion in bitcoin and charged the founder of a Cambodian conglomerate in a massive cryptocurrency scam. An indictment unsealed Tuesday accuses Prince Holding Group chairman Chen Zhi and unnamed co-conspirators of exploiting forced labor to dupe would-be investors and using the proceeds to purchase yachts, jets and a Picasso painting. Federal prosecutors charged Chen with wire fraud conspiracy and money laundering conspiracy. U.S. and British authorities also sanctioned Chen’s company, and the Treasury Department declared it a transnational criminal organization. Messages seeking comment were left for a spokesperson for Prince. The company’s website says it “adheres to global business standards.”