SEC Chairman Paul Atkins discusses the Trump administration’s actions on cryptocurrency regulation and more on “Morning with Maria.”
Bitcoin worth $15 billion has been seized before Ministry of Justice (Department of Justice) from a massive “swine slaughter” network, in what officials say is “the largest forfeiture action in U.S. history.”
On Tuesday, federal prosecutors in Brooklyn, New York, unsealed an indictment charging Chen Qi, also known as “Vincent,” the chairman of Prince Holdings, in connection with… Crypto scam Scheme, based in Cambodia.
Zhi, 37, who remains at large, is also accused of directing Prince Group’s nationwide forced labor scams. The Justice Department said Zhi used violence to discipline workers.
Photos of workers who were beaten and allegedly forced to carry out “pig slaughter” scams were included in evidence unsealed in the US District Court for the Eastern District of New York. (US District Court for the Eastern District of New York)
Photographs of the beating were included in evidence disclosed in the case file US District Court For the Eastern District of New York.
Prosecutors also allege that the company was a front for one of Asia’s largest criminal enterprises.
“As alleged, the defendant ran one of the largest investment frauds in history, fueling an illicit industry reaching epidemic proportions,” said Joseph Nocella Jr., U.S. Attorney for the Eastern District of New York.
DEA and FBI Seize $10 Million in Cryptocurrency ‘Directly Linked to Sinaloa Cartel’
The Department of Justice has seized $15 billion in Bitcoin from Chen Zhi’s “pig slaughter” scam network in the largest cryptocurrency seizure in US history and where crypto funds were laundered through digital wallets.
According to court documents seen by Fox Business, Che built the Prince Group, which claimed to invest in real estate, finance and consumer services in more than 30 countries, into a massive network of “phone farm” complexes.
There, trafficked workers were allegedly forced to carry out scams to lure victims online with fake romantic relationships, pleas for financial assistance, or promises of lucrative investments in cryptocurrencies. Such schemes are referred to as “sha chu ban” or “pig slaughter”. According to the Ministry of Justice.
Prosecutors said Zhi’s company made up to $30 million a day at its peak, stealing cryptocurrency funds that were laundered through what are known as unhosted digital wallets, making users liable.
127,271 bitcoins, worth $15 billion and now in US custody, were allegedly held in wallets controlled by Xi.
The workers were located in forced labor complexes across Cambodia where Chen Qi, also known as “Vincent,” ran a cryptocurrency fraud scheme with his colleagues. (US District Court for the Eastern District of New York)
The Treasury Department has now designated Prince’s group a “transnational criminal organization” and announced sanctions on Zhi and his associates.
“This is an individual who allegedly runs a vast criminal network across multiple continents that includes forced labor, money laundering, investment schemes and stolen assets targeting millions of innocent victims in the process,” the FBI Director said. Cash Battle In a statement.
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“Today, the FBI and its partners carried out one of the largest financial fraud takedowns in history,” Patel added.
FOX Business has reached out to the Department of Justice and Prince Holding Group for comment.
FOX Business’ Aislinn Murphy contributed to this report.
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