The "pig slaughter" scam ๐ moved US$ 15 billion in bitcoin ๐ธ, involving an international network of financial fraud ๐ธ, money laundering ๐ฟ, and human trafficking ๐ซ. The scheme, led by Chen Zhi, founder of the Prince Group, a multinational conglomerate based in Cambodia ๐ฐ๐ญ, began around 2015 ๐.
*How the scam worked:*
- *Recruitment of victims ๐ฅ*: Scammers gained the trust of victims through fake profiles on social media ๐ฑ and messaging apps ๐ฌ.
- *Investment in cryptocurrencies ๐ธ*: Victims were convinced to invest in fake cryptocurrency platforms ๐.
- *Money laundering ๐ฟ*: Money was laundered using sophisticated techniques, including political influence ๐ค, bribes ๐ค, shell companies ๐ข, and cryptocurrency mining ๐ป.
*Asset seizure ๐:*
- The U.S. Department of Justice ๐บ๐ธ seized 127,271 bitcoins, valued at US$ 14.3 billion ๐ธ, the largest cryptocurrency seizure in history ๐.
- Authorities also imposed joint sanctions with the United Kingdom ๐ฌ๐ง, freezing 19 properties in London, valued at over ยฃ100 million ๐ธ.
*Consequences ๐จ:*
- Chen Zhi was indicted in New York for conspiracy ๐ค, electronic fraud ๐, and money laundering ๐ฟ and is a fugitive ๐ซ.
- The case reignites discussions about transparency ๐ and governance in blockchain networks ๐ and highlights the importance of international cooperation to combat digital financial crimes ๐ .
