$15B Crypto Scam Busted: Cambodian Executive Charged 🚨💰
In a shocking crackdown, U.S. authorities have charged Chen Zhi, chairman of Cambodia’s Prince Holding Group, for running one of the largest crypto scams in history. The scheme, known as a “pig butchering” scam, allegedly defrauded investors worldwide and coerced victims into forced labor camps to run the operation.
As part of the enforcement action, officials seized approximately 127,000 bitcoins, valued at over $15 billion, stored in unhosted wallets under Chen’s control. The scale of the fraud highlights the dark side of crypto: beyond financial loss, the scam involved human trafficking and abuse, adding a harrowing layer to the crime.
Chen faces serious charges, including wire fraud conspiracy and money laundering conspiracy, with potential prison sentences totaling up to 40 years if convicted. U.S. authorities are signaling zero tolerance for large-scale crypto fraud, especially those exploiting vulnerable individuals.
This case serves as a stark reminder: while crypto offers innovation and opportunity, it also attracts sophisticated criminal schemes. Vigilance, education, and regulatory oversight remain critical for investors navigating this fast-evolving market.
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