US Justice Department indicts leader of transnational criminal gang in Bitcoin case worth $12 billion

On October 8, the United States District Court for the Eastern District of New York formally indicted Chinese national Chen Zhi (also known as Vincent), accusing him of operating a transnational criminal network in over 30 countries through the Cambodian Prince Group, committing a large-scale cryptocurrency investment fraud scheme. The indictment alleges that Chen Zhi's group operated at least 10 fraud parks in Cambodia, causing billions of dollars in losses to victims worldwide through "pig-killing" scams. The US Department of Justice seeks to forfeit 127,271 bitcoins (approximately $12 billion) and other assets involved in the case, including yachts and private jets. The defendants are currently charged with wire fraud conspiracy and money laundering conspiracy.