The post Cambodia urges due process after $14B Bitcoin seizure linked to Prince Group and Chen Zhi appeared on BitcoinEthereumNews.com. Key Takeaways US and UK authorities have imposed sanctions against Prince Holding Group and Chen Zhi over alleged large-scale online fraud. Cambodia’s government defended Prince Holding Group, stating the conglomerate has met legal requirements and called for due process in the investigation. The Cambodian government said the US and UK should provide sufficient evidence to justify their coordinated sanctions against Prince Holding Group and its chairman, Chen Zhi, who are facing allegations of large-scale online scams and forced labor operations. Touch Sokhak, a spokesman for Cambodia’s Interior Ministry, said in a statement to The Associated Press that Prince Holding Group had met the necessary legal standards to operate in the country. Sokhak said Cambodia will cooperate with foreign authorities if a formal request is supported by evidence. He added that the government has made no accusations against Prince Holding Group or its chairman. The US and UK authorities jointly announced the sanctions on Tuesday, stating that the measures were intended to dismantle a regional network based in Southeast Asia, whose activities spanned Cambodia and other countries through connections with financial institutions. In a separate statement issued by the US Department of Justice, the Eastern District of New York had filed a civil forfeiture case to seize about 127,271 Bitcoin, worth around $14 billion, tied to Chen Zhi and connected to alleged “pig butchering” fraud schemes. The move, part of the Department of Justice’s largest forfeiture action to date, could raise the US government’s Bitcoin holdings to around $36 billion. Source: https://cryptobriefing.com/bitcoin-fraud-allegations-cambodia/The post Cambodia urges due process after $14B Bitcoin seizure linked to Prince Group and Chen Zhi appeared on BitcoinEthereumNews.com. Key Takeaways US and UK authorities have imposed sanctions against Prince Holding Group and Chen Zhi over alleged large-scale online fraud. Cambodia’s government defended Prince Holding Group, stating the conglomerate has met legal requirements and called for due process in the investigation. The Cambodian government said the US and UK should provide sufficient evidence to justify their coordinated sanctions against Prince Holding Group and its chairman, Chen Zhi, who are facing allegations of large-scale online scams and forced labor operations. Touch Sokhak, a spokesman for Cambodia’s Interior Ministry, said in a statement to The Associated Press that Prince Holding Group had met the necessary legal standards to operate in the country. Sokhak said Cambodia will cooperate with foreign authorities if a formal request is supported by evidence. He added that the government has made no accusations against Prince Holding Group or its chairman. The US and UK authorities jointly announced the sanctions on Tuesday, stating that the measures were intended to dismantle a regional network based in Southeast Asia, whose activities spanned Cambodia and other countries through connections with financial institutions. In a separate statement issued by the US Department of Justice, the Eastern District of New York had filed a civil forfeiture case to seize about 127,271 Bitcoin, worth around $14 billion, tied to Chen Zhi and connected to alleged “pig butchering” fraud schemes. The move, part of the Department of Justice’s largest forfeiture action to date, could raise the US government’s Bitcoin holdings to around $36 billion. Source: https://cryptobriefing.com/bitcoin-fraud-allegations-cambodia/

                                                                               Lawmakers in the US House of Representatives and Senate met with cryptocurrency industry leaders in three separate roundtable events this week.                     Members of the US Congress met with key figures in the cryptocurrency industry to discuss issues and potential laws related to the establishment of a strategic Bitcoin reserve and a market structure.On Tuesday, a group of lawmakers that included Alaska Representative Nick Begich and Ohio Senator Bernie Moreno met with Strategy co-founder Michael Saylor and others in a roundtable event regarding the BITCOIN Act, a bill to establish a strategic Bitcoin (BTC) reserve. The discussion was hosted by the advocacy organization Digital Chamber and its affiliates, the Digital Power Network and Bitcoin Treasury Council.“Legislators and the executives at yesterday’s roundtable agree, there is a need [for] a Strategic Bitcoin Reserve law to ensure its longevity for America’s financial future,” Hailey Miller, director of government affairs and public policy at Digital Power Network, told Cointelegraph. “Most attendees are looking for next steps, which may mean including the SBR within the broader policy frameworks already advancing.“Read more