The United States has seized 127,271 Bitcoin, valued at $15 billion, from Chen Zhi, the founder of Cambodia's Prince Holding Group, marking a record cryptocurrency forfeiture. Chen, accused of running one of Asia's largest scam empires, was extradited to China after his arrest in Cambodia. The US and UK have imposed sanctions on 146 individuals and entities linked to Prince Group, highlighting a significant enforcement action against crypto-enabled fraud. However, the seizure has sparked controversy, with Chinese authorities alleging that the US may have obtained the Bitcoin through hacking. A report by China's National Computer Virus Emergency Response Center suggests the stolen Bitcoin remained dormant for years, a behavior inconsistent with typical hackers. The US Justice Department has not addressed these allegations, and the indictment against Chen does not explain how the Bitcoin was accessed. Amidst the geopolitical tensions, the fate of the $15 billion remains uncertain, with no restitution plan announced for the scam's victims. Chen's Prince Group allegedly operated forced-labor compounds in Cambodia, defrauding victims of billions. As Chen faces justice, questions about state-sponsored hacking and crypto security persist.
US Seizes $15B in Bitcoin from Chinese Scam King Amid Controversy
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