Billions in Bitcoin Tied to Alleged Scammer Wanted by DOJ Are on the Move

Wallets associated with Chen Zhi, the alleged mastermind behind a $14 billion crypto scam, have moved approximately $2 billion worth of Bitcoin. Recent transactions involved the transfer of about 15,959 BTC from accounts previously sanctioned by the U.S. Treasury Department to new wallets. Chen, who remains at large, is linked to Prince Holding Group, described by federal prosecutors as the center of a global crypto fraud network involving forced labor and significant victim losses. Following a civil forfeiture complaint filed by the U.S. government seeking $14.2 billion in Bitcoin linked to Chen, analysts suggest the moves may aim to obfuscate these connections. Meanwhile, the U.S. government possesses other funds that had reportedly been tied to a stolen Bitcoin controversy, raising questions about the origins and legality of the funds now in custody.

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