US indicts Prince Group founder in $15 billion cryptocurrency fraud case
The U.S. Department of Justice has charged Chen Zhi, also known as Vincent, the founder and chairman of Cambodia’s Prince Holding Group, with conspiracy to commit wire fraud and money laundering, Kazinform News Agency correspondent reports.
According to the indictment unsealed in the Eastern District of New York, Chen allegedly directed the operation of forced-labor compounds in Cambodia, where individuals were made to carry out online cryptocurrency investment scams targeting victims worldwide. The schemes reportedly generated billions of dollars in losses, including in the United States.
In a related action, U.S. authorities filed a civil forfeiture complaint for about 127,000 bitcoins, currently valued at approximately 15 billion U.S. dollars. The funds, believed to be proceeds of the fraudulent activities, are now in U.S. government custody. The Justice Department said it is the largest forfeiture in its history.
The investigation was conducted by the FBI’s New York Field Office with assistance from other U.S. law enforcement agencies. In parallel, the U.S. Treasury Department has designated Prince Group as a transnational criminal organization and imposed sanctions on Chen and related entities. The United Kingdom has also announced similar measures.
Chen remains at large. If convicted, he faces up to 40 years in prison.
Members of the public who may have information or have been affected by related cryptocurrency scams are encouraged to contact the FBI’s Internet Crime Complaint Center at www.ic3.gov.
Earlier, it was reported that cybercriminals continue to exploit the popular Labubu toy, as experts from Digital Risk Protection F6 have detected a new cryptocurrency scam using the brand.