US government seizes $13.4 billion in Bitcoin from alleged Cambodian pig butchering scammer

Summary

The U.S. government seized $13.4 billion in Bitcoin from a Cambodian individual, Chen, accused of running a "pig butchering" scam. The funds were held in 25 unhosted cryptocurrency wallets. The seizure followed a complex investigation and occurred after a series of suspicious transactions were traced back to December 2020. The scam involves luring victims with promises of high returns on crypto investments before vanishing with the funds. Experts suggest the seizure may have been possible due to an insider stealing wallet keys, not a flaw in blockchain technology. The case highlights improved law enforcement capabilities in tracking digital assets and may lead to increased regulatory scrutiny of crypto activities.