The US government has seized 134.5 BTC, or $15 billion worth of Bitcoin, held by a man who ran a “pig butchering” fraud operation based in Cambodia. Per the DOJ, the alleged pig butcherer, Chen Zhi, is still at large.
Zhi, who is also known as “Vincent,” remains at large, according to the U.S. Attorney’s Office for the Eastern District of New York. Zhi was identified in court filings as the founder and chairman of Prince Holding Group, a multinational business conglomerate based in Cambodia.
“Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as ‘pig butchering’ scams, that stole billions of dollars from victims in the United States and around the world,” the release said. The $15 billion Bitcoin seizure is the largest forfeiture action by the DOJ in its history.
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Crypto crimes have become a controversial topic on the regulatory level, especially with the recent loosening of regulations in the US. Crime and fraud are always a risk when dealing with crypto, as can be seen in major crimes involving exchanges like FTX and TornadoCash in the past.