Crypto Scam Pens Shut Down
Did White Hat hackers from the United States government snag some $15 billion in cryptocurrencies from a Cambodian scammer running a criminal network for the Communist Chinese government? That’s apparently the case.
The scammer, Chen Zhi, had been operating scams, stealing funds from American citizens, through his Prince Holding Group. Law enforcement in the U.S. indicted Chen Zhi last month on charges of wire fraud and money laundering.
The indictment charged Chen Zi, also known as Vincent, had forced individuals into conscripted labor camps across Cambodia to push cryptocurrency investment fraud. The U.S. turned around the so-called “pig butchering” schemes by seizing the cryptocurrency, presumably to sell and return the proceeds to the victims.
This is the largest forfeiture action in the history of the U.S. Department of Justice. The Chinese objected through CVERC, otherwise known as the Chinese National Computer Virus Emergency Response Center. Chen Zhi remains at large. Here’s more from Riss Flex.
