PANews reported on March 11 that, according to Bloomberg, lawyers for Chen Zhi, accused of being the head of a large-scale "pig butchering" scam ring, filed a motionPANews reported on March 11 that, according to Bloomberg, lawyers for Chen Zhi, accused of being the head of a large-scale "pig butchering" scam ring, filed a motion

Attorney Chen Zhi, the ringleader of a "pig butchering scam," filed a motion in a U.S. court to dismiss the government's seizure of his Bitcoin.

2026/03/11 12:13
1 min read
For feedback or concerns regarding this content, please contact us at crypto.news@mexc.com

PANews reported on March 11 that, according to Bloomberg, lawyers for Chen Zhi, accused of being the head of a large-scale "pig butchering" scam ring, filed a motion in New York federal court this week to dismiss the U.S. government's seizure of a batch of Bitcoin related to him. The lawyers argued that the prosecution's allegations that Chen Zhi oversaw the scam park lacked specific evidence and were merely general descriptions of the situation in Cambodia. They also questioned the timeline of the cryptocurrency seizure, stating that the Bitcoin could not possibly be proceeds of fraud or money laundering.

In October of last year, the U.S. Department of Justice announced the seizure of 127,271 bitcoins controlled by Chen Zhi, at the time valued at approximately $15 billion. Chen Zhi was stripped of his Cambodian citizenship and extradited to China in January of this year. Following U.S. and UK sanctions, Singapore, Hong Kong, Taiwan, South Korea, and other regions have frozen or seized over $1 billion in assets. Human rights organizations point out that after the closure of the fraud operation, thousands of trafficked workers have fled from Sihanoukville and other areas, facing the risk of being re-trafficking.

Market Opportunity
Union Logo
Union Price(U)
$0.000856
$0.000856$0.000856
+0.46%
USD
Union (U) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact crypto.news@mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

Stablecoins firm as Mastercard enables stablecoin settlement

Stablecoins firm as Mastercard enables stablecoin settlement

The post Stablecoins firm as Mastercard enables stablecoin settlement appeared on BitcoinEthereumNews.com. What Mastercard’s Crypto Partner Program is and how it
Share
BitcoinEthereumNews2026/03/12 10:44
South Africa launches HIV vaccine trial

South Africa launches HIV vaccine trial

South Africa HIV vaccine trial efforts are advancing after researchers launched the first locally developed HIV vaccine study on the continent.   South Africa expands
Share
Furtherafrica2026/03/12 09:30
UK Looks to US to Adopt More Crypto-Friendly Approach

UK Looks to US to Adopt More Crypto-Friendly Approach

The post UK Looks to US to Adopt More Crypto-Friendly Approach appeared on BitcoinEthereumNews.com. The UK and US are reportedly preparing to deepen cooperation on digital assets, with Britain looking to copy the Trump administration’s crypto-friendly stance in a bid to boost innovation.  UK Chancellor Rachel Reeves and US Treasury Secretary Scott Bessent discussed on Tuesday how the two nations could strengthen their coordination on crypto, the Financial Times reported on Tuesday, citing people familiar with the matter.  The discussions also involved representatives from crypto companies, including Coinbase, Circle Internet Group and Ripple, with executives from the Bank of America, Barclays and Citi also attending, according to the report. The agreement was made “last-minute” after crypto advocacy groups urged the UK government on Thursday to adopt a more open stance toward the industry, claiming its cautious approach to the sector has left the country lagging in innovation and policy.  Source: Rachel Reeves Deal to include stablecoins, look to unlock adoption Any deal between the countries is likely to include stablecoins, the Financial Times reported, an area of crypto that US President Donald Trump made a policy priority and in which his family has significant business interests. The Financial Times reported on Monday that UK crypto advocacy groups also slammed the Bank of England’s proposal to limit individual stablecoin holdings to between 10,000 British pounds ($13,650) and 20,000 pounds ($27,300), claiming it would be difficult and expensive to implement. UK banks appear to have slowed adoption too, with around 40% of 2,000 recently surveyed crypto investors saying that their banks had either blocked or delayed a payment to a crypto provider.  Many of these actions have been linked to concerns over volatility, fraud and scams. The UK has made some progress on crypto regulation recently, proposing a framework in May that would see crypto exchanges, dealers, and agents treated similarly to traditional finance firms, with…
Share
BitcoinEthereumNews2025/09/18 02:21