US Prepares Largest Bitcoin Seizure In History

We're talking about $15 billion.

The U.S. Department of Justice announced Tuesday the seizure of 127,271 bitcoins worth about $15 billion likely obtained through criminal activity. It will be the largest seizure in the agency's history, writes liga.net.

The funds are the proceeds of a massive cryptocurrency investment fraud, according to investigators.

Bitcoins were seized in the case against Cheng Zhi (aka Vincent), the founder of Cambodian conglomerate Prince Holding Group.

He is accused of creating a network of camps where people were forced against their will to participate in fraudulent cryptocurrency investment schemes. The victims were people all over the world, including the United States, who lost billions of dollars.

According to investigators, the criminal group used sophisticated techniques to launder the resulting cryptocurrency, where large amounts of bitcoins were split into dozens of addresses and then consolidated again to hide the origin. Some of the stolen money was held on exchanges or converted into fiat currency, but a significant amount - more than 127,000 bitcoins - was stored in the suspect's personal wallets.

The U.S. has filed a civil suit to formally forfeit these assets.

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