The U.S. Department of Justice issued a wanted notice for Chen Zhi this week, who is suspected of operating a $14 billion encryption fraud case.

According to Mars Finance, on October 23, the U.S. Department of Justice issued a wanted notice for Chen Zhi, who is suspected of operating a $14 billion cryptocurrency fraud case. According to data from blockchain intelligence company Arkham Intelligence, wallets associated with him moved approximately $1.7 billion worth of Bitcoin this week, transferring about 15,959 BTC from addresses previously sanctioned by the U.S. Treasury to four new addresses. The U.S. government had already identified about $14 billion in BTC related to this case and is advancing the largest forfeiture action in history, but this transfer involves other funds that have not yet been seized, suspected to be an attempt to cover up the connection with the sanctioned addresses. The company behind this fraud network, Prince Holding Group, has been accused of being related to the 2020 theft case of the Chinese mining pool Lubian BTC, but the sources of funds and transfer paths remain significantly unclear.