🔗 Share this article Cryptocurrency Worth More than $14bn Seized in Major US-UK Operation on Suspected Scammers Court documents allegedly reveal proof of large-scale fraud activities Authorities from America and Britain have jointly confiscated bitcoin valued at more than $14bn in what is being called among the largest financial confiscations in history. Charges Against Business Empire Leader The founder of an Asian corporate group, Chen Zhi, has been charged with reportedly masterminding a large-scale cryptocurrency scam that victimized countless individuals worldwide. Legal authorities claim that Mr Chen participated in financial deception and ran a sophisticated illegal fund movement operation. International Restrictions and Property Seizures As part of the joint operation, both US and UK authorities have applied restrictions on Mr Chen's companies and seized properties linked to his network. British authorities allegedly confiscated multiple properties in London, including a approximately £100m office building. Scale of the Scheme Approximately 127,271 cryptocurrency units are now in the possession of US authorities, making this the largest cryptocurrency confiscation ever recorded. Prosecutors describe the suspected scheme as a "sprawling cyber-fraud empire" that operated through various facilities throughout Cambodia. Advanced Fraud Activities Based on court documents, unsuspecting victims were approached through digital means and convinced to send digital assets based on false promises of investment returns. The organization reportedly established "phone farms" with thousands of mobile devices that managed approximately 76,000 online profiles for executing fraudulent activities. "This criminal enterprise was founded upon exploitation," stated a high-ranking legal official. Worker Violations Authorities allege that the organization trafficked employees who were held in prison-like compounds and forced to carry out digital fraud. The workers were reportedly targeting numerous of people worldwide while operating under danger of physical harm. Extravagant Spending The proceeds from the alleged illegal operations were allegedly used for luxury travel, recreation, and extravagant acquisitions including private jets, expensive watches, and rare artwork. Upon being found guilty, the accused could receive a highest sentence of 40 years in jail. Global Reaction British authorities stated that the sanctions ensure Mr Chen is now barred from the UK's financial system. Four businesses linked to the suspected fraudulent activities have additionally been sanctioned by authorities. "We are taking decisive action to combat the growing international danger," announced a government minister. The operation was described as operating on an "industrial scale" with fraudsters using multiple techniques including deceptive personal connections to lure victims. Authorities stressed their dedication to protecting susceptible individuals and stopping monetary deception on a global level.