Authorities believe Chen Zhi orchestrated “pig butchering” scams – schemes that build trust with victims before draining their funds through fake crypto trading platforms.
https://web.ourcryptotalk.com/news/chen-zhi-extradited-to-china-over-14b-crypto-scam
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tldr; Cambodia extradited Chen Zhi, founder of Prince Group, to China over allegations of orchestrating a $14 billion cryptocurrency scam and forced labor operations. Chen, along with two associates, was arrested following a months-long investigation into transnational crime. The U.S. seized over 127,000 bitcoin tied to the scheme, marking one of the largest crypto-related crackdowns. Authorities believe Chen’s network operated fake trading platforms and exploited trafficked workers in Southeast Asia. Legal proceedings in China are expected to follow.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.