Vincent on the run as DOJ seizes $15 billion in bitcoin in ‘pig b¥tchering’ fra¥d
The U.S. Department of Justice (DOJ) has seized approximately $15 billion worth of bitcoin connected to a massive “pig b¥tchering” sc@m allegedly operated from Cambodia — the largest cryptocurrency forfeiture in U.S. history.
According to federal prosecutors, the digital assets were traced to wallets controlled by Chen Zhi, also known as Vincent, a 38-year-old Chinese-born businessman accused of running one of the world’s biggest investment fra¥d networks. Zhi, who remains at large, has been indicted in Brooklyn, New York, on charges of wire fr@ud and money la¥ndering conspiracy, which carry a potential 40-year prison sentence if convicted.
Prosecutors identified Zhi as the founder and chairman of Prince Holding Group, a Cambodia-based multinational conglomerate that secretly expanded into a vast transnational criminal enterprise. The group allegedly operated at least 10 scam compounds in Cambodia, where victims were trafficked and forced to carry out crypto fra¥d schemes.
In a coordinated move, the U.S. Treasury Department designated Prince Group as a transnational criminal organization and imposed sanctions on Zhi and over 100 individuals and entities linked to the operation.
Brooklyn U.S. Attorney Joseph Nocella described the sc@m as one of the most extensive investment fr@uds in history, stating that it “fueled an ill+cit industry reaching epidemic proportions” and caused “billions of dollars in losses and untold m+sery” to victims worldwide.
According to the DOJ, the sc@m involved “pig b¥tchering” investment schemes, where fr@udsters built online relationships with victims through social media and messaging apps, gaining their trust before persuading them to invest in fake cryptocurrency platforms. Once funds were transferred, they were stolen and la¥ndered through complex networks.
Investigators also revealed that hundreds of individuals were held against their will and forced to work under threats of vi%lence in these compounds, perpetuating the global crypto sc@m that spanned more than 30 countries.
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