Cambodia urges due process after $14B Bitcoin seizure linked to Prince Group and Chen Zhi

The Cambodian authorities mentioned the US and Britain should present enough proof to justify their coordinated sanctions towards Prince Holding Group and its chairman, Chen Zhi, who face allegations of huge on-line scams and compelled labor.

Contact Sokhak, a spokesman for Cambodia’s Ministry of Inside, mentioned in a press release to The Related Press that Prince Holding Group had met the required authorized requirements to function within the nation.

Sokhak mentioned Cambodia will cooperate with overseas authorities if a proper request is supported by proof. He added that the federal government has not made any allegations towards Prince Holding Group or its chairman.

US and British authorities collectively introduced the sanctions on Tuesday, saying the measures have been geared toward dismantling a regional community in Southeast Asia, whose operations spanned Cambodia and different nations by way of connections to monetary establishments.

In a separate assertion from the U.S. Division of Justice, the Japanese District of New York filed a civil forfeiture order to grab roughly 127,271 Bitcoin, price roughly $14 billion, linked to Chen Zhi and linked to alleged “pig slaughter fraud.”

The transfer, a part of the Justice Division’s largest forfeiture motion up to now, may improve the U.S. authorities’s Bitcoin holdings to roughly $36 billion.