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10/15/2025
Feds seize $15 billion in bitcoin after busting alleged global crypto scam
CBS News
The U.S. government has seized $15 billion in bitcoin from a Cambodian business conglomerate charged with running a global cryptocurrency scam.
Federal prosecutors claim Chen Zhi, the founder and chairman of Prince Holding Group, oversaw a vast criminal network in Cambodia built on forced labor that extracted billions from victims in the U.S. and around the world.
The indictment, which was unsealed in a federal court in Brooklyn on Tuesday, charges the 37-year-old Cambodian national with wire fraud and money laundering.
"By dismantling a criminal empire built on forced labor and deception, we are sending a clear message that the United States will use every tool at its disposal to defend victims, recover stolen assets and bring to justice those who exploit the vulnerable for profit," Attorney General Pamela Bondi and Deputy Attorney General Todd Blanche said in a statement.
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