The U.S. District Court for the Eastern District of New York has indicted Chinese citizen Chen Zhi, also known as Vincent, on charges of orchestrating a large-scale cryptocurrency investment fraud. The indictment, filed on October 8, accuses Chen of using Cambodia's Prince Group to establish a transnational criminal network across over 30 countries. The scheme, involving at least 10 scam operations in Cambodia, allegedly defrauded victims worldwide of billions of dollars through a 'pig-butchering' scam. The U.S. Department of Justice is seeking the forfeiture of 127,271 Bitcoin, valued at approximately $12 billion, along with other assets such as yachts and private jets. Chen faces charges of conspiracy to commit wire fraud and conspiracy to commit money laundering.
U.S. Court Indicts Chinese Citizen for Crypto Fraud Scheme
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