Wed, 15 Oct 2025

Wed, 15 Oct 2025 Bitcoin worth $14bn seized in US-UK crackdown on alleged scammers

The UK has also frozen assets linked to the alleged scammers, including a £100m London office building.

* Over $14 billion worth of bitcoin has been seized by the US government.
* Chen Zhi, the founder of Prince Group, a Cambodian business empire, has been charged with masterminding a massive cryptocurrency scam that involved forced labor camps.
* Chen remains at large and is accused of running one of Asia's largest transnational criminal organizations.
* The scam operation targeted thousands of victims worldwide and used forced labor to carry out online scams.
* Chen allegedly used the proceeds from the scam to purchase luxury items, including a Picasso painting, and invested in UK property.
* The US government has frozen assets owned by Chen's network, including 19 properties in London worth over $1.3 billion.
* Chen faces up to 40 years in prison if convicted.
* The UK government has sanctioned Chen and his accomplices, freezing their assets and blocking them from accessing the UK financial system.
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