NEW YORK, USA — The US authorities has seized over $14 billion in bitcoin and charged Chen Zhi, founding father of the Cambodian enterprise empire Prince Group, in reference to what authorities are calling an enormous cryptocurrency fraud scheme involving pressured labour camps.
Chen, a UK and Cambodian nationwide, was charged on Tuesday in New York with wire fraud conspiracy and cash laundering. His companies had been additionally focused in a coordinated effort between the US and UK governments, which included sanctions and asset freezes.
As a part of the crackdown, the UK authorities froze property linked to Chen’s community, together with 19 properties in London, one valued at almost £100 million (US$133 million).
Authorities say the investigation uncovered proof of unlawful monetary actions spanning a number of nations, highlighting the rising scrutiny on cryptocurrency operations and worldwide enterprise networks.
The case has despatched shockwaves via international monetary and tech circles, marking one of many largest cryptocurrency seizures in historical past and signaling elevated cooperation between governments in tackling complicated monetary crimes.
