The Department of Justice (DOJ) has revealed that it has seized a record-breaking sum of money in a single operation aimed at suspected fraudsters from Colombia. They managed to recover $15 billion worth of Bitcoin tied to the activities of Cheng Zhi, who is also known as Vincent. As of now, he hasn’t been arrested.
Zhi is associated with the Prince Group in Colombia, which the DOJ claims operates under the guise of a legitimate real estate and finance company while simultaneously engaging in criminal activities across 30 nations.
Allegations suggest that the Prince Group coerced numerous employees to electronically contact victims without their consent, promising them increased wealth in exchange for Bitcoin. However, victims received nothing in return, and the DOJ states that the money has been laundered. In total, 127,271 Bitcoins were collected during the operation.
Attorney General Pam Bondi expressed that dismantling such a criminal organization shows a commitment to protecting victims and recovering stolen assets, emphasizing that the U.S. will utilize all resources available to hold those who exploit vulnerable individuals accountable.
The DOJ estimates that at least 250 Americans were affected by these scams. In response to the situation, both the U.S. and the U.K. have enacted sanctions against the Prince Group.
Gee faces serious charges, including wire fraud and money laundering, potentially putting him behind bars for up to 40 years.
What is pig butchering?
Pig butchering refers to a scam where individuals are contacted and persuaded to hand over money, often in the form of cryptocurrency, with the promise of either reimbursement or profit. Scammers often claim that the funds are necessary for urgent situations, like medical emergencies.
The term “pigs” is used to describe the victims, as scammers “fat” them up emotionally, creating what appears to be a real connection before ultimately asking for money. In some instances, the same victim may be targeted multiple times for funds.
This type of scam is particularly prominent in online dating. One victim, Shreya Dutta, reported losing $500,000 to someone she met on Hinge. She shared, “I thought this was definitely the beginning of a very deep romantic relationship. The scammers are incredibly sophisticated. I wasn’t just fooled by one person; I was misled by an entire organization that has perfected the art of psychological manipulation.”
