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DOJ seizes $15B in Bitcoin from 'pig butchering' scam based in Cambodia

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Re: DOJ seizes $15B in Bitcoin from 'pig butchering' scam based in Cambodia

#211

Post by JKCalhoun »

JumpCrisscross wrote: post #17
Wingman4l7 wrote: post #13

Long overdue. At some point, these scam operations are so large that they have to be operating with tacit approval of their host countries, who have been given no incentive to stop the virtual cold war against the personal finances of foreign citizenry that is bringing in millions of dollars into their economy.

> the virtual cold war against the personal finances of foreign citizenry Comparing a scam to war is inaccurate. The Cold War was a war running cold with the potential to go hot. Cambodia and America are not going to war over this.

> The Cold War was a war running cold with the potential to go hot

I'm not sure I buy that definition. I think most understand a Cold War to be simply a "war" done without weapons but by other means — via economic means, propaganda, etc.

Re: DOJ seizes $15B in Bitcoin from 'pig butchering' scam based in Cambodia

#212

Post by weird-eye-issue »

forgotoldacc wrote: post #207
weird-eye-issue wrote: post #176

Earlier quoted context omitted.

They operate in places like Cambodia but it's the Chinese There's areas in Laos and Cambodia they control where it literally operates under a different set of laws. One of the areas, I think in Laos, Americans aren't even allowed to enter

The facilities aren't even remotely hidden so it's fair to blame Cambodia for allowing it. They have towns built up around them with restaurants and shops and normal economic functions to support the people running these slave towers. A good chunk of the money is flowing back into China, but there's definitely a good bit that seeps out into the Cambodian economy. Hence why Cambodia's government is more than happy to…

Yes a huge chunk of the blame falls on Cambodia, Laos, Myanmar, etc

And bordering countries like Thailand are running into issues where people are getting trafficked through Thailand to these other countries. So it's actually ruining the reputation of Thailand and lots of Chinese people are wary of traveling to Thailand because of it

To provide a bit more context what happens is Chinese people will give fake job offers to their fellow Chinese and then basically kidnap them when they arrive to Thailand and take them to another country to work in a scam center

Re: DOJ seizes $15B in Bitcoin from 'pig butchering' scam based in Cambodia

#213

Post by vintermann »

Jolter wrote: post #144
lurk2 wrote: post #131

Earlier quoted context omitted.

> the UK was enabling this guy before he got too much heat. How does this quote indicate that the UK was enabling Zhi?

Presumably GP means enabling by not seizing him or his assets earlier? Which I find to be a bit of a stretch.

The UK may not have been enabling this guy in particular, but he's not exactly the only one who has been stashing ill-gotten gains in London real estate. Apparently crooks still think it's a great deal despite some of them getting it seized once in a while.

Re: DOJ seizes $15B in Bitcoin from 'pig butchering' scam based in Cambodia

#214

Post by JKCalhoun »

I would love to see a new take on "James Bond" (or similar franchise? new franchise?) — one that is realistic and instead sees our spy move through these modern domains of illegal money instead of battling the clichéd Cold War villains with their Persian cats.

Re: DOJ seizes $15B in Bitcoin from 'pig butchering' scam based in Cambodia

#215

Post by lesuorac »

jeltz wrote: post #189
mrtksn wrote: post #111

It's 127,271 Bitcoins. Interesting choice not to mention the number of Bitcoins but use its current market value in USD. I feel like this says something about Bitcoin but not sure what exactly. Edit: Wow, people really don't want to know how many Bitcoins were seized :)

So if somebody sized a stock portfolio should they mention the number of shares? The market value is in most cases more interesting than the number of coins.

If it's a single stock portfolio yeah. If it's like 1000 different stocks then stick that information into an appendix and only use the current market value in the write-up.

It's like confiscating a Ferrari and saying you took $5 million of car parts from a drug dealer. Like instead say you confiscate 2 Ferraris with a total market value of $5 Million.

Re: DOJ seizes $15B in Bitcoin from 'pig butchering' scam based in Cambodia

#216

Post by pantalaimon »

JKCalhoun wrote: post #214

I would love to see a new take on "James Bond" (or similar franchise? new franchise?) — one that is realistic and instead sees our spy move through these modern domains of illegal money instead of battling the clichéd Cold War villains with their Persian cats.

China did it

https://en.wikipedia.org/wiki/No_More_Bets

Re: DOJ seizes $15B in Bitcoin from 'pig butchering' scam based in Cambodia

#217

Post by timtom123 »

nomilk wrote: post #206

Seems organised crime is taking advantage of less-policed (or lawless) regions in Cambodia and Burma. The spectre of a similar scam has resulted in lower Chinese tourism to Thailand. Basically Chinese (among other nationalities) tourists were led from the airport by fake immigration staff, put into cars and driven to Burma and forced to work 18 hour days in scam call centers. A chilling but extremely worthwhile read.…

Spent significant time in Vietnam & Cambodia & Thailand. Cambodia is a sad country full of desperate people. "less-policed" is the entire country. ~50 years since https://en.wikipedia.org/wiki/Cambodian_genocide.

Vietnam was by far my favorite of the three and the contrast between the three countries is stark.

Re: DOJ seizes $15B in Bitcoin from 'pig butchering' scam based in Cambodia

#218

Post by lotsofpulp »

pjc50 wrote: post #123
lotsofpulp wrote: post #37

Earlier quoted context omitted.

Allowing them to do what? The feds are saying they already have the keys, so either they are lying, or they already had the means to get the keys. Which would be the juicy part of the story.

Quite possible they hacked the device they were stored on. I can't find confirmation that Chen has actually been arrested , as opposed to being charged in absentia.

That is because he has not been arrested, the US government website linked above says the defendant is at large.

Re: DOJ seizes $15B in Bitcoin from 'pig butchering' scam based in Cambodia

#219

Post by lesuorac »

chistev wrote: post #46

Do they force you to reveal your private keys? After obtaining the bitcoins, are they forced to sell it immediately? How does this affect the market?

> After obtaining the bitcoins, are they forced to sell it immediately? How does this affect the market?

Other way around, by executive order they're forced to hold it in a sovereign wealth fund.

Re: DOJ seizes $15B in Bitcoin from 'pig butchering' scam based in Cambodia

#220

Post by JKCalhoun »

pantalaimon wrote: post #216
JKCalhoun wrote: post #214

I would love to see a new take on "James Bond" (or similar franchise? new franchise?) — one that is realistic and instead sees our spy move through these modern domains of illegal money instead of battling the clichéd Cold War villains with their Persian cats.

China did it https://en.wikipedia.org/wiki/No_More_Bets

Thanks.
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