US EditionDOJ seizes $15 billion in bitcoin from massive ‘pig butchering’ scam based in Cambodia
The DOJ seized 127,271 bitcoin worth $15 billion from a Cambodia-based scam using forced labor to defraud victims globally, marking the largest crypto forfeiture in U.S. history.
- The U.S. government has charged Chen Zhi, chairman of Prince Holding Group, with wire fraud and money laundering following a cryptocurrency scam that exploited forced labor, leading to a seizure of over $14 billion in bitcoin.
- Chen Zhi is accused of using forced labor to conduct scams, resulting in billions lost by investors, with links to luxury purchases.
- The Treasury Department declared Prince Holding Group a transnational criminal organization amidst ongoing investigations since 2020.
- U.S. and British authorities imposed sanctions on Chen’s company, further highlighting its role as a significant player in transnational crime, according to the Treasury Department.
175 Articles
175 Articles
DOJ seizes $15 billion bitcoin in SE Asia crypto scam bust
On October 14, 2025, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN), in coordination with the United Kingdom’s Foreign, Commonwealth and Development Office (FCDO), took action against cryptocurrency-enabled scam networks operating in Southeast Asia. The designation includes the Prince Group Transnational Criminal Organization (TCO) and its vast […] The post DOJ seizes…
US charges Cambodian executive in massive crypto scam and seizes more than US$14 billion in bitcoin
NEW YORK: The United States government has seized more than US$14 billion in bitcoin and charged the founder of a Cambodian conglomerate in a massive cryptocurrency scam, accusing him and unnamed co-conspirators of exploiting forced labour to dupe would-be investors and using the proceeds to purchase yachts, jets an
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