Buy CryptoMarketsSpotFuturesUSOILEarnEvent Centre
More
Gold vs Crypto
TLDR The US and UK governments seized over $14 billion in Bitcoin linked to a global scam network. Cambodian businessman Chen Zhi was charged with wire fraud and money laundering by US prosecutors. The scam operation used fake online relationships to trick victims into transferring Bitcoin. The Prince Group allegedly operated at least ten scam [...] The post Bitcoin Worth $14B Seized in Crackdown on Forced Labour Scams appeared first on CoinCentral.TLDR The US and UK governments seized over $14 billion in Bitcoin linked to a global scam network. Cambodian businessman Chen Zhi was charged with wire fraud and money laundering by US prosecutors. The scam operation used fake online relationships to trick victims into transferring Bitcoin. The Prince Group allegedly operated at least ten scam [...] The post Bitcoin Worth $14B Seized in Crackdown on Forced Labour Scams appeared first on CoinCentral.

Bitcoin Worth $14B Seized in Crackdown on Forced Labour Scams

Author: Coincentral
Source: Coincentral
2025/10/16 02:33
4 min read
For feedback or concerns regarding this content, please contact us at crypto.news@mexc.com

TLDR

  • The US and UK governments seized over $14 billion in Bitcoin linked to a global scam network.
  • Cambodian businessman Chen Zhi was charged with wire fraud and money laundering by US prosecutors.
  • The scam operation used fake online relationships to trick victims into transferring Bitcoin.
  • The Prince Group allegedly operated at least ten scam compounds across Cambodia.
  • Workers in the scam centers were trafficked and forced to work under threats and abuse.

Authorities from the United States and the United Kingdom have dismantled a massive scam network in a coordinated global operation. The action resulted in the seizure of over $14 billion in Bitcoin and criminal charges against Cambodian business tycoon Chen Zhi. Officials described it as one of the most significant financial operations ever carried out against cybercrime and fraud.

Chen Zhi Charged in Billion-Dollar Bitcoin Scam Network

US prosecutors charged Chen Zhi with wire fraud and money laundering linked to an elaborate crypto-based scam scheme. The Department of Justice confirmed the seizure of around 127,271 Bitcoin in the process. Chen remains at large but faces up to 40 years in prison if convicted.

According to court documents, Chen operated a criminal syndicate using fake investments to defraud victims online. His organization, the Prince Group, allegedly ran at least ten scam centers across Cambodia to facilitate these crimes. Prosecutors claimed the network used “phone farms” with thousands of devices to target victims globally.

US officials called the network a “criminal enterprise built on human suffering.” They added that it manipulated people through fake romantic relationships and false financial promises. The Bitcoin collected through scams was used to fund luxury travel, private jets, and rare artworks, including a Picasso painting.

Scam Centres Used Forced Labour and Trafficking

The scam operations reportedly involved trafficking and forced labor inside prison-style compounds in Cambodia. Prosecutors said foreign nationals were lured by job offers and then trapped in work scams. These workers managed approximately 76,000 social media accounts using fake personas.

Court records show the criminals used psychological tactics to win victims’ trust before asking for Bitcoin investments. Employees were instructed not to use overly attractive profile photos to appear more believable. Internal documents reportedly included scripts and manipulation strategies for online conversations.

Amnesty International previously linked some of these centers to torture and human rights abuses. Two named facilities operated by Jin Bei Group and Golden Fortune Resorts matched the sites highlighted in their report. The UK Foreign Office confirmed these businesses were sanctioned during this joint operation.

UK Seizes London Properties and Sanctions Criminal Network

British authorities froze assets tied to Chen’s organization, including 19 properties across London. These properties include a £100 million office block and a £12 million mansion. Officials said the network laundered scam proceeds through UK property and offshore companies.

UK Foreign Secretary Yvette Cooper said, “They were ruining lives and buying up London homes to store their money.” She confirmed sanctions against the Prince Group, Jin Bei Group, Byex Exchange, and Golden Fortune Resorts World. The move cuts Chen and his partners off from UK financial systems.

Fraud Minister Lord Hanson stated, “We will not tolerate this.” He emphasized that fraud harms victims both emotionally and financially, and that action was long overdue. The crackdown demonstrates cooperation between global governments in combating industrial-scale fraud networks that utilize Bitcoin.

The UK government said the scammers operated across borders, affecting thousands of victims worldwide. British and American authorities pledged to monitor and prevent future abuse involving cryptocurrency schemes. Officials emphasized that dirty money has no place in the UK’s financial system.

Global Impact of the Record Bitcoin Seizure

The Bitcoin seizure marks the largest in US government history and signals growing enforcement against crypto-linked crimes. The Department of Justice stated that the operation disrupted a central cybercriminal hub operating under the guise of a legitimate business. US officials added that such scams are increasingly run from professionally built compounds.

Authorities said the recovery of Bitcoin will support future victim compensation and further investigations. Officials are now analyzing financial records to trace additional transactions linked to Chen’s network. Bitcoin was the primary currency used to defraud victims and conceal criminal profits.

The post Bitcoin Worth $14B Seized in Crackdown on Forced Labour Scams appeared first on CoinCentral.

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact crypto.news@mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

Here’s How Consumers May Benefit From Lower Interest Rates

Here’s How Consumers May Benefit From Lower Interest Rates

The post Here’s How Consumers May Benefit From Lower Interest Rates appeared on BitcoinEthereumNews.com. Topline The Federal Reserve on Wednesday opted to ease interest rates for the first time in months, leading the way for potentially lower mortgage rates, bond yields and a likely boost to cryptocurrency over the coming weeks. Average long-term mortgage rates dropped to their lowest levels in months ahead of the central bank’s policy shift. Copyright{2018} The Associated Press. All rights reserved. Key Facts The central bank’s policymaking panel voted this week to lower interest rates, which have sat between 4.25% and 4.5% since December, to a new range of 4% and 4.25%. How Will Lower Interest Rates Impact Mortgage Rates? Mortgage rates tend to fall before and during a period of interest rate cuts: The average 30-year fixed-rate mortgage dropped to 6.35% from 6.5% last week, the lowest level since October 2024, mortgage buyer Freddie Mac reported. Borrowing costs on 15-year fixed-rate mortgages also dropped to 5.5% from 5.6% as they neared the year-ago rate of 5.27%. When the Federal Reserve lowered the funds rate to between 0% and 0.25% during the pandemic, 30-year mortgage rates hit record lows between 2.7% and 3% by the end of 2020, according to data published by Freddie Mac. Consumers who refinanced their mortgages in 2020 saved about $5.3 billion annually as rates dropped, according to the Consumer Financial Protection Bureau. Similarly, mortgage rates spiked around 7% as interest rates were hiked in 2022 and 2023, though mortgage rates appeared to react within weeks of the Fed opting to cut or raise rates. How Do Treasury Bonds Respond To Lower Interest Rates? Long-term Treasury yields are more directly influenced by interest rates, as lower rates tend to result in lower yields. When the Fed pushed rates to near zero during the pandemic, 10-year Treasury yields fell to an all-time low of 0.5%. As…
Share
BitcoinEthereumNews2025/09/18 05:59
Tunis–Carthage Airport Expansion Targets Capacity Surge

Tunis–Carthage Airport Expansion Targets Capacity Surge

Tunisia’s Tunis–Carthage airport expansion is set to transform the country’s aviation capacity as authorities plan a $1 billion investment to significantly increase
Share
Furtherafrica2026/03/10 13:00
Hoskinson to Attend Senate Roundtable on Crypto Regulation

Hoskinson to Attend Senate Roundtable on Crypto Regulation

The post Hoskinson to Attend Senate Roundtable on Crypto Regulation appeared on BitcoinEthereumNews.com. Hoskinson confirmed for Senate roundtable on U.S. crypto regulation and market structure. Key topics include SEC vs CFTC oversight split, DeFi regulation, and securities rules. Critics call the roundtable slow, citing Trump’s 2025 executive order as faster. Cardano founder Charles Hoskinson has confirmed that he will attend the Senate Banking Committee roundtable on crypto market structure legislation.  Hoskinson left a hint about his attendance on X while highlighting Journalist Eleanor Terrett’s latest post about the event. Crypto insiders will meet with government officials Terrett shared information gathered from some invitees to the event, noting that a group of leaders from several major cryptocurrency establishments would attend the event. According to Terrett, the group will meet with the Senate Banking Committee leadership in a roundtable to continue talks on market structure regulation. Meanwhile, Terrett noted that the meeting will be held on Thursday, September 18, following an industry review of the committee’s latest approach to distinguishing securities from commodities, DeFi treatment, and other key issues, which has lasted over one week.  Related: Senate Draft Bill Gains Experts’ Praise for Strongest Developer Protections in Crypto Law Notably, the upcoming roundtable between US legislators and crypto industry leaders is a continuation of the process of regularising cryptocurrency regulation in the United States. It is part of the Donald Trump administration’s efforts to provide clarity in the US cryptocurrency ecosystem, which many crypto supporters consider a necessity for the digital asset industry. Despite the ongoing process, some crypto users are unsatisfied with how the US government is handling the issue, particularly the level of bureaucracy involved in creating a lasting cryptocurrency regulatory framework. One such user criticized the process, describing it as a “masterclass in bureaucratic foot-dragging.” According to the critic, America is losing ground to nations already leading in blockchain innovation. He cited…
Share
BitcoinEthereumNews2025/09/18 06:37