Chinese-born Businessman Chen Zhi Alleged For Operating “Pig Butchering”
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U.S. seeks seizure of 127,271 BTC (~$8.8B) linked to Chen Zhi, accused of running global "pig‑butchering" crypto scams that allegedly generated billions; lawyers contend the government hasn't proven the funds stem from fraud or money‑laundering. Case could set a cross‑border precedent for cryptocurrency confiscation, raising regulatory and security risks for Bitcoin holders and potential market impact amid price swings; key crypto keywords: Bitcoin, crypto, regulation, laundering, confiscation, custody, market impact.
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- Chen Zhi leveraged wealth and influence to shield alleged crypto scam operations globally.
- U.S. seeks $8.8B Bitcoin seizure, but lawyers dispute link to fraud or laundering.
- The case may set precedent for cross-border cryptocurrency confiscation amid market swings.
The U.S. government is pursuing the seizure of 127,271 Bitcoin linked to Chen Zhi, a Chinese-born businessman once based in Cambodia. Chen allegedly operated a sprawling network of global “pig butchering” scams while cultivating political and financial connections that made him appear untouchable.
Authorities say his operations victimized individuals worldwide, generating billions of dollars in cryptocurrency. His lawyers, however, are challenging the claim, arguing that the government has not clearly connected the funds to criminal activity.
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