Scammer Chinese-Cambodian businessman and former Prince Group chairman Chen Zhi

FBI seizes record $8 billion in cryptocurrency in global crackdown on scam compounds

The FBI has arrested hundreds of suspects and seized more than $8 billion in cryptocurrency, the largest forfeiture in U.S. government history, in a sweeping intercontinental operation targeting organized crime networks that ran fortified scam compounds across Southeast Asia, the Middle East, and Africa.

The crackdown, led by FBI Director Kash Patel, dismantled a web of fraud factories that lured victims through romance schemes, fake cryptocurrency investments, and extortion, all while trafficking migrant workers and forcing them to run the scams under threat of beatings and torture.

At the center of the operation sits 39 year old Chen Zhi, CEO of Cambodia's Prince Holding Group, who now faces federal charges of wire fraud and money laundering conspiracy.

Agents confiscated more than 127,000 bitcoin from Chen, a haul Fox News reported could be worth more than $15 billion at the time of seizure, depending on market valuations.

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Biden--Another Serious Embarrassment

Biden mistakenly thanks Colombia for hosting ASEAN summit in Cambodia

Biden speaks at ASEAN about need for cooperation and international law, though he did not mention China

What an embarrassment! It continues. He can't even read.

President Biden has now twice referred to Association of Southeast Asian Nations summit host Cambodia as Colombia, including Saturday during remarks opening the talks.

"It was an honor to host at the White House in May, and now that we are back together in Cambodia," Biden said as he opened the talks. "I look forward to building even stronger progress than we've already made. I want to thank the prime minister for Colombia's leadership as ASEAN chair."

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