US, UK sanction huge Southeast Asian crypto scam network
Summary
The U.S. and U.K. have imposed sanctions on a crime network in Southeast Asia, known as the Prince Group, for running fraud centers using trafficked workers to carry out cryptocurrency scams. The network is accused of forcing workers to participate in online fraud, with the U.S. charging Chen Zhi, the leader, with wire fraud and money laundering. The Justice Department has also seized Bitcoin worth over $14 billion from the group.Key Facts
- The U.S. and U.K. announced sanctions against the Prince Group in Southeast Asia.
- The Prince Group allegedly used trafficked workers in Cambodia and Myanmar for crypto scams.
- The U.S. took its largest action in Southeast Asia, targeting 146 individuals linked to the group.
- The U.K. froze properties worth over $134 million connected to the network.
- Chen Zhi, the group's leader, is charged with wire fraud and money laundering.
- U.S. authorities seized over $14 billion in Bitcoin from the group.
- The group supposedly ran operations in over 30 countries since 2015, under guise of legitimate businesses.
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