In a significant crackdown on global scams, U.S. and U.K. law enforcement agencies have confiscated a record $15 billion in Bitcoin, targeting a network accused of orchestrating extensive fraud schemes. These scams, often dubbed “pig butchering,” have stolen tens of billions from individuals worldwide over the past five years.
Major Operation Against Scam Networks
On Tuesday, coordinated actions against a major Cambodian organization led to financial sanctions on 146 individuals and entities linked to the Prince Group, identified as a transnational criminal organization. This initiative was spearheaded by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC).
Details of the Operation
- Seized Cryptocurrency: Almost 130,000 Bitcoin were confiscated, marking the largest cryptocurrency seizure in U.S. history.
- Targeted Organizations: The Prince Group, which publicly states its operations in real estate and financial services, was exposed as running at least 10 scam centers in Cambodia.
- Alleged Leader: Chen Zhi, Chairman and CEO of Prince Holding Group, remains at large and has not been arrested.
The Impact of Scams
According to Joseph Nocella Jr., a U.S. attorney for the Eastern District of New York, the Prince Group has been linked to one of the largest investment fraud operations in history. These scams have inflicted severe financial losses and emotional distress on victims globally.
Sanctions and Global Response
The U.K. government has imposed similar financial sanctions on Chen and associated entities, freezing assets believed to be linked to these fraudulent activities. Properties targeted include:
- A £12 million ($16 million) mansion in North London.
- A £100 million ($133 million) office building in London’s financial district.
Officials highlight the ongoing fight against these horrific scam operations, which have exploited vulnerable populations and contributed to a growing crisis. As investigations continue, the global community aims to dismantle such networks that cause widespread suffering.
