In a shocking revelation, Chen Zhi's extensive scam network has been uncovered, involving the trafficking of hundreds of workers to various compounds in Cambodia. These individuals were coerced into participating in elaborate cryptocurrency fraud schemes, raising serious concerns about human trafficking and financial crime in the region. Experts in the publication emphasize that this situation highlights the urgent need for regulatory measures to combat such illicit activities.
Seized Funds and Scale of Fraud
The operation has been linked to an astonishing $12 billion in seized funds, highlighting the scale and sophistication of the fraud. Investigators found that the network employed manipulative tactics, including establishing trust with unsuspecting users before ultimately stealing their assets.
Designation as a Transnational Criminal Organization
In response to these alarming activities, the U.S. Department of Justice has officially designated Prince Group, associated with Chen Zhi, as a transnational criminal organization. This classification underscores the international implications of the scam and the urgent need for coordinated efforts to combat such criminal enterprises.
Recently, the case of Ilya Lichtenstein, who was released from prison after serving time for the 2016 Bitfinex hack, has drawn attention to the complexities of cybercrime sentencing. For more details, see read more.
