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U.S. & UK Authorities Seize $15B in Bitcoin from Global Scam Network

In a sweeping international operation, U.S. and U.K. authorities have cracked down on a multi-billion-dollar crypto scam network, seizing approximately 130,000 bitcoins (worth around $15 billion) and sanctioning dozens of associated entities.

The Scheme

The fraud ring—allegedly led by Chen Zhi, chairman of Cambodia’s Prince Holding Group—ran sophisticated “pig butchering” scams, in which victims were lured through fake romantic or investment schemes and coerced into buying cryptocurrency transfers. Investigators say forced labor camps were used to staff call centers that pressured victims to make further transfers.

Legal Measures & Sanctions

The U.S. has filed fraud and money laundering charges, and both countries have imposed asset freezes and travel bans on key individuals. The scale of the seizure makes it one of the largest in U.S. history.

Market Reaction & Implications

While this operation targets criminal networks, it also underscores the vulnerabilities of the crypto ecosystem—especially in terms of regulatory oversight, cross-border cooperation, and investor protection. The action sends a signal to scammers that even large, transnational operations are within reach of law enforcement.

Institutional and retail investors alike may view this as a reminder to exercise caution when engaging with opaque crypto investment opportunities, and to favor regulated venues over shadow networks.

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