U.S. Department of the Treasury sanctions $780 million in Bitcoin (BTC) linked to Cambodia's Prince Group
Summary
- The U.S. Department of the Treasury designated as sanctions $780 million worth of Bitcoin linked to Cambodia's Prince Group.
- The Office of Foreign Assets Control (OFAC) said it added 25 virtual asset wallets related to Prince Group to the sanctions list.
- The U.S. government emphasized that this measure is a strong warning against illegal money laundering using virtual assets.
The U.S. Department of the Treasury designated $780 million in Bitcoin (BTC) linked to Cambodia conglomerate Prince Group as a sanctions target.
On the 31st (local time), virtual asset (cryptocurrency) specialist media DL News reported that the Treasury Department's Office of Foreign Assets Control (OFAC) added 25 virtual asset wallets related to Prince Group to the sanctions list (SDN List). Those wallets were found to hold a total of $780 million in Bitcoin.
Earlier, the U.S. government charged Prince Group chairman Chen Zhi with fraud and money laundering and seized 127,271 BTC in the process. This amounts to $13 billion based on current market prices.
Prince Group is known to have amassed huge wealth by operating a large-scale fraud and illegal online business network in Cambodia. The U.S. government emphasized that this action is "a firm action against illicit financial activities and human rights violations."
OFAC said the measure would serve as a strong warning against criminal money laundering using virtual assets.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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