The FBI has announced one of the largest financial seizures in history involving Crypto assets. Officials confirmed the agency has seized around $8 billion in cryptocurrency during a global crackdown on scam operations and organized crime networks.
The operation also led to hundreds of arrests across multiple countries. Authorities say the investigation targeted criminal groups accused of running large online fraud schemes that stole money from victims, including Americans.
Officials said one victim alone lost nearly $3 million in a single scam case linked to these networks.
Major Crypto Seizure in Prince Group Case
In the biggest case, the FBI confiscated more than 127,000 Bitcoin. This happened during the arrest of Chen Zhi, the CEO of Cambodia-based Prince Holding Group.
The seized Crypto assets were valued at over $8 billion at the time of recovery. At earlier market rates, the total value may have exceeded $15 billion.
Chen Zhi has been charged with wire fraud and money laundering conspiracy. Authorities allege that his group operated scam compounds in multiple regions worldwide.
These compounds were reportedly used to carry out large-scale online fraud. Officials say victims in the United States and other countries were specifically targeted.
Global Crackdown on Scam Networks
The FBI stated that scam compounds linked to Chinese organized crime were active across Asia, Africa, and the Middle East. These groups allegedly used Crypto transactions to hide stolen funds.
FBI Director Kash Patel said the operations were built to steal money at scale and launder illegal profits. He also confirmed that nearly 2,000 trafficked workers were rescued during the crackdown.
Around 300 suspects have been arrested in connection with these investigations.
Operations Across Multiple Countries
In Thailand, authorities seized thousands of smartphones and electronic devices used in scam operations. In Dubai, police arrested 275 individuals with FBI support.
Officials said six suspects from Dubai are expected to be extradited to the United States. Each scam compound was believed to generate millions in illegal revenue each year.
Human Trafficking and Forced Scams
Investigators also uncovered cases of human trafficking linked to scam compounds. Victims were reportedly forced to carry out online fraud under threats and violence.
The FBI said many individuals were recruited through fake job offers promising high salaries. Once trapped, they were forced into scam activities involving Crypto investment fraud.
Some cases were also linked to severe abuse, including psychological pressure and physical violence.
Ongoing Global Investigation
The FBI continues to expand its global crackdown under Operation Blackout. Several sub-operations are targeting fraud networks using Crypto platforms for illegal transactions.
In other news read more about Pakistan Moves Toward Fast-Tracking Crypto Legalization Under New Digital Economy Plan
Officials say additional investigations are ongoing, and more arrests are expected in the coming months.
