The United States has charged a high‑ranking Cambodian official with running a huge cryptocurrency fraud that stole billions from investors.
U.S. authorities say the accused, a former member of the Cambodian government’s investment council, orchestrated a scheme that used fake crypto exchanges and false investor promises to siphon off more than $14 billion in bitcoin and other digital assets.
For the past year, prosecutors have been gathering evidence that the executive used personal and corporate accounts to transfer funds to offshore wallets. The plan promised investors high returns but delivered nothing—shocking many who had placed their faith in the system.
After a lengthy investigation, the U.S. Department of Justice filed charges that include wire fraud, money laundering, and violation of the Bank Secrecy Act. The case is part of a broader crackdown on cross‑border cryptocurrency scams that the U.S. sees as a growing threat to financial stability.
In a separate court filing, U.S. lawyers succeeded in seizing more than $14 billion worth of bitcoin linked to the fraudulent scheme. The seizure, valued at roughly $25 billion today, involves wallets that were traced back to the accused’s corporate entities. The assets are now held in a U.S. court‑managed storage facility as a condition of the ongoing legal process.
Officials say the seizure not only protects the remaining victims but also serves as a deterrent to other criminals looking to exploit the growing crypto market. The case underscores the importance of regulatory oversight and international cooperation in tackling cyber‑related financial crimes.
Law enforcement agencies have encouraged anyone who believes they may have been defrauded or who has suspicious information to contact the U.S. Department of Justice or the U.S. Secret Service. The investigation is still in progress, and further developments are expected in the coming weeks.
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