Crypto Conman Caught: U.S. Seizes $14 Billion in Bitcoin from Cambodian Scam Mastermind
The U.S. government has seized over $14 billion in bitcoin from a massive cryptocurrency scam orchestrated by Chen Zhi, founder of a Cambodian conglomerate. Accused of exploiting forced labor and laundering money, Chen allegedly used the proceeds for luxury purchases, including a Picasso painting. Bitcoin’s value may pay back victims—if it ever stabilizes.
Hot Take:
So, it turns out that when you’re a Cambodian mogul running a $14 billion cryptocurrency scam, you can’t just live the high life forever. Who knew? Chen Zhi probably thought he was hosting a lavish episode of “Lifestyles of the Rich and Infamous,” complete with yachts, jets, and a Picasso. But now it seems like the U.S. government has decided to crash his party. Lesson of the day: if you’re going to scam people, maybe don’t leave a trail of yachts and luxury watches big enough to trip over.
Key Points:
– The U.S. government seized over $14 billion in bitcoin from Chen Zhi’s Cambodian conglomerate.
– Chen, accused of wire fraud and money laundering, allegedly used forced labor and cyber scams.
– He reportedly bragged about earning $30 million daily from the fraud scheme.
– U.S. and U.K. sanctions were imposed, labeling his company a transnational criminal organization.
– The seized bitcoins might be used to compensate victims if legally permitted.