DOJ Seizes $15 Billion in Bitcoin from 'Pig Butchering' Scam

DOJ Captures Historic Amount in Bitcoin

The Department of Justice (DOJ) has reported a groundbreaking seizure of $15 billion worth of bitcoin as part of an operation against Chen Zhi, an alleged scammer known for orchestrating a 'pig butchering' fraud. This scam, which reportedly preyed on victims in over 30 countries, utilized promises of financial growth to entice individuals into handing over their cryptocurrency. With this operation, the DOJ aims to recover stolen assets and deliver justice.

Details of the Operation

Among the allegations, the DOJ states that Zhi’s organization, Prince Group, employed coercive tactics to compel employees to reach out to unsuspecting victims, misleading them into believing their investments in bitcoin would yield significant returns. In reality, the victims were left with nothing, and the assets were effectively laundered.

Implications for Victims

According to estimates, there are over 250 American victims of this elaborate scam, which showcases the rising trend of financial deception facilitated by sophisticated online tactics.

Understanding 'Pig Butchering'

'Pig butchering' is a term used to describe a fraudulent scheme where victims, often referred to as 'pigs', are slowly manipulated into providing substantial funds based on false guarantees of returning profits. These scams typically present themselves through platforms like online dating, making emotional connections to facilitate trust.

Attorney General Pam Bondi emphasized the importance of this case, stating, “By dismantling a criminal empire built on deception, we are sending a clear message that justice will prevail.”