$15 Billion Bitcoin Scam: bay Area Investigator Witnessed Opulence and Brutality at Suspect’s Cambodian Compound
A sweeping international investigation has culminated in the seizure of $15 billion in cryptocurrency linked to a massive online fraud scheme, with a bay Area investigator revealing a firsthand look inside the operation’s cambodian headquarters. The case, involving alleged bribes to foreign officials and a network of shell companies spanning over 30 countries, highlights the escalating dangers of cryptocurrency-fueled crime and the challenges of recovering stolen funds.
The investigation centers on Chen zhi, accused of orchestrating a complex “pig butchering” scam that defrauded victims worldwide. A Bay Area investigator with ABC7 News’ I-Team toured a compound operated by Zhi in Cambodia,witnessing both extravagant displays of wealth and disturbing evidence of human trafficking used to enforce the scam. The seizure represents a important blow to the criminal enterprise, but experts caution victims against expecting swift returns of their lost money.
During the visit, the investigator observed opulent amenities including bill counters, a large swimming pool, and luxury vehicles-a Maybach and an armored Range Rover. However, the tour also revealed a hidden, brutal side to the operation. “Thay chain them up,” a guide reportedly stated, describing the treatment of workers trafficked to the facility. “After chaining them up, they beat them up.”
The indictment alleges Zhi operated dozens of business entities across more than 30 countries, utilizing bribery to corrupt foreign public officials. while the $15 billion seizure is a landmark achievement, West cautions that navigating the federal legal system will be a lengthy process. “I think we need to be really cautious about setting expectations about the return of that money to victims,” West said. “This is a federal case. It will go through the legal system. And I don’t think it’s clear right now exactly who will be getting that money.”
The case also underscores a growing trend: the increasing use of Bitcoin ATMs by scammers. Authorities warn that these ATMs provide a convenient, often untraceable, method for converting illicit funds.
ABC7 News’ I-Team continues to follow the developments in this ongoing investigation.