The U.S. Department of Justice (DOJ) filed a civil forfeiture lawsuit on Tuesday to seize approximately $15 billion worth of bitcoin, marking the largest forfeiture action in DOJ history.

The bitcoin – over 127,000 coins – is currently in federal custody and is alleged to be the proceeds and instruments of an expansive fraud and money laundering scheme.

The big picture: New York federal prosecutors and the DOJ’s National Security Division allege Cambodian businessman Chen Zhi, chairman of Prince Holding Group, orchestrated the scheme. • Chen is accused of laundering cryptocurrency to hide the illicit origins of the funds and directing associates to conceal the source of the conglomerate’s profits, which defrauded victims globally, including in New York City.

What they’re saying: U.S.

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