$15 Billion in Bitcoin Seized in Indictment of Global Cyber Scammer Chen Zhi

A global cyber scammer, Chen Zhi, has been indicted, leading to the seizure of an estimated $15 billion in Bitcoin by U.S. authorities and an additional $115 million in assets by Singaporean officials. Howard Chua-Eoan, a columnist for Bloomberg Opinion, highlighted the ongoing threat posed by such criminal networks despite this significant legal action. The indictment underscores the pervasive nature of sophisticated online fraud, often employing "pig butchery" tactics.

Chen Zhi, 37, is accused of masterminding a vast worldwide scam network and is currently an international fugitive. His alleged illicit gains include luxury cars, expensive liquor, a yacht, and properties valued at $150 million in London, alongside $300 million in stakes in Hong Kong-listed companies. According to Chua-Eoan, the alleged basis of his loot is a "poisonous combination of human malice" involving slave labor and targeting isolated individuals.

The scam operations reportedly involve coercing individuals into forced labor in jungle plantations, while simultaneously defrauding vulnerable people globally through elaborate schemes. These "pig butchery" scams often begin with seemingly innocuous social media interactions, building trust before manipulating victims into fraudulent investments. Chua-Eoan noted, "A master cyber scammer is indicted, but the networks are still out there," emphasizing the persistent challenge.

Chua-Eoan's Bloomberg Opinion piece, published on November 4, 2025, detailed his personal observations of these scam tactics, where fake social media profiles are used to establish connections. The columnist expressed both "personal delight and dismay" at Chen Zhi's downfall, acknowledging the scale of the alleged criminal enterprise. This case highlights the complex and far-reaching impact of cybercrime on both victims and the global financial system.