Elliptic’s Post

Yesterday, the US Treasury and UK authorities sanctioned 146 targets within the Prince Group Transnational Criminal Organization for operating pig butchering scams. These types of scams have defrauded Americans of over $16.6 billion. The DOJ also unsealed an indictment against Prince Group chairman Chen Zhi and seized approximately 127,271 Bitcoin valued at $15 billion, the largest forfeiture action in DOJ history. Our team immediately made the newly-designated addresses available to screen and trace using our Holistic blockchain analytics technology. This meant that our customers do not inadvertently process funds connected to the newly sanctioned entities. This case shows how blockchain transparency enables authorities to work together in disrupting illicit financial flows. Read our full analysis here: https://lnkd.in/gDtRXhgp