Bitcoin worth $14 billion seized

The US government has seized over $14 billion in bitcoin and filed charges against Chen Zhi, a British-Cambodian citizen and founder of Prince Group, who is suspected of leading a massive cryptocurrency scam involving forced labor camps in Cambodia.

According to the BBC, Chen is charged in New York with wire fraud and money laundering. The US and UK have sanctioned his companies and frozen 19 properties in London, including one worth almost £100m.

According to the Department of Justice (DOJ), Chen was the mastermind of a vast cyber fraud empire operating through the Prince Group.

Victims were tricked online into investing in cryptocurrencies, while the company set up at least ten fraud complexes with "phone farms" that controlled thousands of fake social media accounts.

The group also trafficked workers, who were held in prison-like complexes and forced to commit online fraud. Chen and his associates used the profits to live a luxurious lifestyle, including private jets, expensive watches and a Picasso painting.

If convicted, Chen could face up to 40 years in prison.