US Seizes $14 Billion in Bitcoin from Southeast Asian Cybercrime Syndicate
In a historic enforcement action, US agencies have confiscated over $14 billion in bitcoin from a major Southeast Asian cybercrime organization. The seizure represents one of the largest cryptocurrency recoveries in history and demonstrates law enforcement’s growing capability to trace illicit digital assets.
Record-Breaking Cryptocurrency Seizure
US authorities have executed what analysts suggest is one of the largest cryptocurrency seizures in history, confiscating 127,271 bitcoin valued at over $14 billion from a sophisticated Southeast Asian cybercrime network. According to reports from the Department of Justice, the digital assets were stored in 25 unhosted wallets controlled by Chen Zhi, founder and chairman of the Prince Holding Group, who now faces charges of conspiracy to commit wire fraud and money laundering.