Cybercriminals are still reliant on bitcoin!
Darkreading.com reported that “A $14 billion seizure by US investigators presents a warning for cybercriminals' reliance on bitcoin but is still a positive development for the cryptocurrency industry.” The October 23, 2025 article entitled “US Crypto Bust Offers Hope in Battle Against Cybercrime Syndicates” (https://www.darkreading.com/cyberattacks-data-breaches/us-crypto-bust-hope-battle-against-cybercrime-syndicates) included these comments:
A massive seizure by the US government of cryptocurrency from a sprawling Southeast Asia cybercrime syndicate has raised hopes that coordinated actions against cybercriminal groups can help undermine their profits.
On Oct. 14, the US Department of Justice — along with the Drug Enforcement Agency, the Department of State, and other agencies — announced the seizure of 127,271 bitcoin kept in "unhosted wallets" and the indictment of Chen Zhi, the founder and chairman of the Prince Holding Group, on charges of conspiracy to commit wire fraud and money laundering. The seized bitcoin, stored in 25 wallets, are worth more than $14 billion, and were valued at nearly $15 billion on the day of the announcement.
Calling the Prince Group umbrella of companies "a criminal enterprise built on human suffering," US officials positioned the indictment and forfeiture one of the most significant strikes against cyber-enabled financial fraud and human trafficking.
"This investigation exposes a staggering level of fraud, corruption, and criminal greed that allowed billions of dollars in illicit funds to flow through global financial systems, leaving behind a trail of victims," Frank A. Tarentino III, Special Agent in Charge of the Drug Enforcement Administration's New York Division, said in a statement regarding the seizure. "It also highlights how transnational criminal organizations continue to evolve, leveraging cryptocurrency and other digital assets to move their money and mask their crimes."
The seizure could create significant ripples in the cybercrime economy in Southeast Asia. Blockchain watchers have estimated that illicit entities presently hold about $15 billion in wallets, mainly due to stolen funds being funneled into cryptocurrency. Another $60 billion is held by a variety of services that sell illicit goods and services, such as Dark Web markets, online pharmacies, fraud shops, and terrorist financing, according to data from Chainalysis.
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