Featured Image Credit: Chen Zhi
One Chinese-born cryptocurrency tycoon has now been arrested in Cambodia and extradited back to his birth country after running a 'pig butchering' scam operation worth over $11 billion.
Scams are seemingly become more prevalent and sophisticated every single year, and that's only going to increase with the advancements made in artificial intelligence, making it more difficult to tell real from fake.
While some scams might seem ridiculous and unbelievable to the average person – like a woman who sent money to an 'astronaut' needing to buy oxygen or another who fell in love with an AI-generated Brad Pitt in hospital – these prey on society's most vulnerable individuals and can often steal hundreds and thousands of dollars.
These scams are often run as wide scale operations, sometimes involving syndicates, and one man at the head of some of the world's largest has finally been arrested after swindling over $11 billion.
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As reported by the New York Post, Chen Zhi, the chairman of Cambodia-based conglomerate Prince Group, has been arrested following a request from the Chinese government to 'combat transnational crime'.
Chen is alleged to be the head of a 'pig butchering' scam operation that aimed to steal Bitcoin and other forms of cryptocurrency from individuals through complex scams, doing so through the use of brutal labor camps in Cambodia.
If you've not heard of the term before, a 'pig butchering' scam is a term originating from China that refers to a long-term relationship building scam that aims to 'fatten up' a victim by appeasing them, only to steal their money with requests after the connection has been forged, 'butchering' their funds.
Targets were successfully wooed by individuals often posing as romantic interests or business investors, after which their cryptocurrency accounts would be drained with no way of getting the money back.
In total, 127.271 Bitcoin was seized following Chen's arrest, which at the time it was obtained was worth around $15 billion yet has since decreased in value following price drops.
These stolen funds were also funnelled and allegedly laundered into various lavish purchases, including luxury watches, high-end artwork – including one Picasso – and expensive property, which involved the purchase of a $16 million mansion and a $126 million office building in London.
Key to Chen's operation were several massive 'scam centers' which forcibly used trafficked workers to carry out these scam operations, and it's estimated that thousands of individuals were held against their will.
The US government has also alleged that Chen exploited political influence and issued bribes to avoid criminal convictions and police attention in China.
