US Government Aims to Add $14 Billion to Crypto Reserves Through Forfeiture

A US federal court has unsealed criminal charges against a cryptocurrency fraud scheme that could result in the government receiving an additional $14 billion in Bitcoin reserves. The US Justice Department filed a forfeiture complaint, seeking to seize 127,271 BTC linked to the alleged schemes orchestrated by Chen Zhi, founder and chair of a Cambodian-based company. This action targets Zhi’s Prince Holding Group and affiliates, which were sanctioned by the US Treasury’s Office of Foreign Assets Control on the same day the indictment was made public.