The U.S. Department of Justice has seized about $15 billion in bitcoin linked to an alleged global fraud and human trafficking network based in Cambodia, marking the largest cryptocurrency forfeiture in its history. The operation targeted a sprawling "pig butchering" scam - an industry-scale investment fraud ring that U.S. prosecutors say was run by Chinese-born businessman Chen Zhi through his conglomerate, Prince Holding Group.
Chen, also known as "Vincent," was indicted Tuesday in Brooklyn federal court on charges of money laundering and wire fraud but remains at large. Prosecutors described him as the "founder and chairman" of the Cambodia-based Prince Group, which they alleged "grew in secret into one of Asia's largest transnational criminal organizations."
U.S. Attorney Joseph Nocella said Chen "directed one of the largest investment fraud operations in history, fueling an illicit industry that is reaching epidemic proportions." He added, "Prince Group's investment scams have caused billions of dollars in losses and untold misery to victims around the world, including here in New York, on the backs of individuals who have been trafficked and forced to work against their will."
According to the Justice Department, the group operated "forced-labor scam compounds across Cambodia," where hundreds of trafficked workers were coerced into conducting cryptocurrency investment schemes known as "pig butchering." Victims around the world were approached via social media and messaging apps, lured into fake relationships, and persuaded to invest in fraudulent crypto platforms that appeared to yield high returns. "In reality, the funds were stolen from the victims and laundered for the benefit of the perpetrators," the DOJ said.
The seizure of approximately 127,271 bitcoins - valued at $15 billion - followed an 18-month joint investigation by U.S. and U.K. authorities. The U.K. government also imposed sanctions on six alleged leaders of the network, froze multiple London properties, and banned their travel. The frozen assets include a £12 million mansion on Avenue Road and a £95 million office block on Fenchurch Street, both linked to Chen, who also reportedly holds citizenships in Cyprus and Vanuatu.
Yvette Cooper, the U.K. foreign secretary, condemned the syndicate's operations, saying: "The masterminds behind these horrific scam centres are ruining the lives of vulnerable people and buying up London homes to store their money. Together with our U.S. allies, we are taking decisive action to combat the growing transnational threat posed by this network."
Investigators said Chen and other executives used illicit proceeds to acquire watches, yachts, private jets, and artwork, including a Picasso purchased at a New York auction. The Prince Group's business empire extends across casinos, property developments, and a commercial bank. The group, along with affiliated firms such as Jin Bei Group, Golden Fortune Resorts World, and Byex Exchange, has been banned from operating within the financial systems of the U.S., U.K., and allied jurisdictions.
Reports from Radio Free Asia and other outlets have documented brutal conditions at Golden Fortune's facilities on the outskirts of Phnom Penh, where workers were allegedly detained behind barbed wire and beaten for trying to escape. Amnesty International has accused the Cambodian government of tolerating such operations by failing to act against the traffickers and their financial backers.
