DOJ Charges Chen Zhi in $15 Billion Crypto Fraud and Sanctions Cambodian Business Empire
The U.S. Justice Department has seized over 127,000 bitcoins—valued at approximately $15 billion—in what officials say is the largest crypto forfeiture in U.S. history. The seizure is part of a sweeping indictment against Chen Zhi, a Chinese-Cambodian businessman accused of running a massive international crypto investment scam involving forced labor and human trafficking.
According to federal prosecutors in Brooklyn, Chen and his associates operated a long-running fraud scheme known as “pig butchering”, in which victims were tricked into transferring digital assets through fake investment pitches. These scams were run by trafficked workers detained in Cambodian compounds, where thousands of fake social media profiles were used to lure investors.
Prosecutors allege that Chen authorized violent enforcement measures within the compounds, one of which was reportedly linked to Prince Group’s casino operations. These facilities also housed “phone farms” for large-scale fraudulent messaging campaigns.
The rapid rise of transnational fraud has cost American citizens billions of dollars, with life savings wiped out in minutes. Treasury is taking action to protect Americans by cracking down on foreign scammers. Working in close coordination with federal law enforcement and… https://t.co/oCbqtMJkAj
— Treasury Secretary Scott Bessent (@SecScottBessent) October 14, 2025Browse Posts
U.S. Treasury Designates Prince Group as Criminal Organization
The U.S. Treasury Department has labeled Prince Holding Group a transnational criminal organization, freezing all assets tied to the company’s network. This includes real estate, financial services, and technology subsidiaries used to launder proceeds. UK authorities also froze over $172 million in assets, including a $16 million London property connected to Chen.
“Transnational crypto fraud has cost Americans billions, often wiping out life savings within minutes,” said Treasury Secretary Scott Bessent.
Chen’s inner circle allegedly managed operations across 30 countries, using shell companies, luxury assets, and bribery to obscure the fraud. The Justice Department said the seized bitcoins may be used to reimburse victims, pending court approval.
The case highlights Southeast Asia’s role in global cyberfraud, with the UN estimating over 100,000 forced scam workers in Cambodia alone.
