US authorities dropped a legal hammer at the global company Prince Group as a operator of forced labor operations-Inclusive notorious pig-butcher schemes-with base in Cambodia, which accuses the company’s manager and imposed sanctions.
UK and Cambodian National Chen Zhi, the founder and chairman of the Prince Group, were indicted in New York on Tuesday for allegedly conspiring of money laundering and committee wire fraud, according to the Ministry of Justice. In this case, DOJ took what it said was its biggest crypto attack ever at 127,271 Bitcoin Worth approx. $ 14.4 billion to the current value.
“Today’s action represents one of the most significant strikes ever against the global scourge of human trafficking and cyber-activated financial fraud,” US lawyer Pamela Bondi said in a statement.
And in a coordinated effort, the US Ministry of Finance said that the sanctioned Prince Group on Tuesday, designating it to a transnational criminal organization and blocking its economic activity and the ability for people to do business with it without US consequences.
According to a DOJ declaration, the defendant and his leaders secretly grew “Prince Group to one of Asia’s largest transnational criminal organizations. “One of the leading money generators, according to the US authorities, was so-called” pigs that beat “, where humans looked in the US-are fraudulent according to crypto assets, which they often believe goes against remote romantic partners.” Prince Group implemented these schemes by dealing with hundreds of workers and forcing them to work in connections in Cambodja, often under the threat of pouring, often under threat about the threats of threats about the threat of threats about the threat of threats about the threats of threatening, often under the threat of threats about the threats of pouring, with the threat of a paddy, and executing the paddles and performing the swindle, often under the threat of threats about the threats of threats about the threats of threats about the threats of the threat of the threat, often under the threat of the threat of the pouring of the Cambodja and performing fraud. violence, ”the statement states and describes barbed relations, political influence and sophisticated crypto-white laundering.
CEO, who is largely, and those accused as co-conspirators are said to have spent revenue on lavish lifestyle, including in one case the purchase of a Picasso painting.
On the same day, the Treasury completed a rule to completely cut Cambodian conglomerate Huione Group from the US financial system – the most potent action in the US international economic arsenal. It said Phnom Penh-based Huione had laundering of the proceeds of crypto fraud.
“The rapid increase in transnational fraud has cost US citizens billions of dollars with life savings wiped out in minutes,” Secretary of the Treasury Scott Bessent said in a statement.
The Treasury Department has steadily circulating Cambodian criminal companies and targeting people who are allegedly associated with the large selection of illegal activities there. These cryptophinisted operations have long been a focus on analyzes, investigators, investigators and even congressional investigation.
Although the system has not yet been established in the United States, the Ministry of Finance has tried to implement President Donald Trump’s order to set up a Bitcoin reserve. The “strategic” reserve is meant as the destination of any Bitcoin seized by the US government, suggesting a potential final stop for the billions in assets taken in this case.
Read more: The US Government is starting to interrupt Cambodiah’s Huione Group from the financial system
