US authorities have announced that they have conducted the largest forfeiture action in the history of the Justice Department, seizing some $15 billion in Bitcoin from a Cambodian businessman.
According to reports, US authorities were targeting Chen Zhi, a UK-Cambodian who has been accused of running labor camps in Cambodia and carrying out crypto fraud schemes.
The executive allegedly directed operations across compounds in the country, with hundreds held in jail-like residences to ensure compliance.
Authorities say that the mastermind behind the scheme bribed officials in various countries to allow for the operations to continue.
The funds from the scams were laundered through gambling and crypto mining operations, being used to purchase luxury accessories.
The arrested individual, Chen Zhi, now faces up to 40 years in prison if convicted of the money laundering, conspiracy and wire fraud charges.
