U.S. Government Seizes $15 Billion in Bitcoin from Cambodian Crypto Fraud Network

U.S. authorities have seized $15 billion in bitcoin connected to Prince Holding Group, a Cambodian conglomerate alleged to have operated a global cryptocurrency fraud scheme targeting investors across multiple countries.

Founder Chen Zhi Charged with Wire Fraud and Money Laundering

Federal prosecutors filed an indictment against Chen Zhi, 37, founder and chairman of Prince Holding Group. The indictment, unsealed in Brooklyn federal court, accuses Chen of operating a criminal network in Cambodia that used forced labor and social media-based investment schemes to steal billions from individuals in the U.S. and abroad. Chen faces a maximum of 40 years in federal prison if convicted.

Attorney General Pamela Bondi and Deputy Attorney General Todd Blanche stated, “By dismantling this criminal network, the United States is protecting victims, recovering stolen funds, and holding accountable those who exploit vulnerable populations.”

FBI Director Kash Patel added, “This operation involved multi-continent criminal activity, including forced labor, cryptocurrency theft, and money laundering targeting millions of victims.”

U.S. and U.K. Impose Sanctions on Prince Holding Group

The U.S. Treasury Department’s Office of Foreign Assets Control coordinated with U.K. officials to impose sanctions on 146 entities linked to Prince Holding Group. The conglomerate is officially designated as a transnational criminal organization, restricting its global financial operations.

Prince Holding Group lists business activities in real estate, banking, finance, and consumer services. While the company has previously denied involvement in fraudulent schemes, it has not issued a statement regarding the latest allegations.

Cryptocurrency Fraud: “Pig Butchering” Scheme

Federal prosecutors describe the cryptocurrency scam as a “pig butchering” operation, in which victims are persuaded through social media and messaging apps to transfer cryptocurrency under false investment promises. The stolen funds were laundered and used to finance luxury travel, entertainment, and extravagant purchases.

Human Trafficking and Forced Labor Allegations

Federal prosecutors allege that Prince Holding Group forced hundreds of individuals to work in compounds across Cambodia to support its cryptocurrency fraud network. These compounds were secured with barbed wire and high walls, and employees were reportedly compelled to work under strict supervision.

The indictment states that executives paid bribes to local officials to avoid legal enforcement and leveraged political connections to continue operations without interruption.

According to Cyber Scam Monitor, more than 200 scam centers and online casinos operate across Cambodia, many tied to the Prince Holding Group network. Investigations indicate these facilities were used for both cryptocurrency fraud and money laundering activities, demonstrating the scale and organization of the operation.

$15B Bitcoin Seizure Exposes Investor Vulnerabilities

The U.S. government’s $15 billion bitcoin confiscation reveals the risks of sending digital assets to unlicensed foreign platforms. Fraudsters behind Prince Holding Group exploited international loopholes to target investors worldwide. Authorities urge crypto users to verify platform registration, confirm regulatory compliance, and avoid unverified overseas exchanges to prevent large-scale financial losses.

Also Read: Hackers Are Stealing Billions in Crypto—How to Protect Your Money