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15,965 Bitcoins Linked to Sanctioned Chen Zhi Wallet Move After Three Years

Nearly $2 billion in Bitcoin tied to Chen Zhi, charged over an alleged $14 billion crypto scam, saw its first movement since 2021.

BTC

Summary

Wallets linked to Chen Zhi, accused by the U.S. government of orchestrating a $14 billion crypto scam, moved approximately $2 billion worth of Bitcoin on Wednesday. This activity involves 15,965 BTC shifted on-chain for the first time since 2021. Authorities stated these coins are unrelated to the 127,000 BTC seized last week, highlighting renewed movement in previously dormant sanctioned crypto assets.

Terms & Concepts
  • On-chain transfer: A cryptocurrency transaction recorded directly on the blockchain, making it publicly verifiable and immutable.
  • Sanctioned wallet: A cryptocurrency address publicly identified and restricted by authorities due to its association with illicit activity or individuals under sanctions.
  • BTC: Abbreviation for Bitcoin, the world’s first and largest cryptocurrency by market capitalization.