US Seeks Forfeiture of $14B in Bitcoin from Chen Zhi's Pig Butchering Scam
The US Department of Justice (DOJ) is seeking to seize approximately $14 billion in Bitcoin linked to Chen Zhi's pig butchering scam, highlighting increased efforts to recover crypto assets.
The US Attorney’s Office for the Eastern District of New York (EDNY), together with the Department of Justice’s National Security Division, has filed a civil forfeiture complaint in federal court seeking to seize about 127,271 Bitcoin.
Chen Zhi, the chairman of Cambodia’s Prince Group, is accused of running forced-labor compounds involved in ‘pig butchering’ scams, online romance and investment fraud schemes that defrauded victims worldwide.
- The US has intensified efforts to recover assets from international fraud schemes.
- Collaborations with platforms like Binance help trace and seize funds linked to pig butchering scams.
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Author's summary: US seeks $14B Bitcoin forfeiture from pig butchering scam.