Crystal Dike
In a historic crackdown, the United States government has seized more than $14 billion (£10.5 billion) worth of bitcoin and charged Cambodian businessman Chen Zhi, founder of the Prince Group, in what officials describe as one of the largest financial takedowns in modern history.
Chen, a dual UK and Cambodian national, was charged in New York on Tuesday with conspiracy to commit wire fraud and money laundering. According to the US Department of Justice (DOJ), he allegedly masterminded a vast cryptocurrency scam built on human trafficking, forced labour, and cyber-fraud operations stretching across Asia.
The coordinated US-UK operation also saw the freezing of Chen’s assets in Britain, including 19 London properties—one of which is reportedly worth nearly £100 million ($133 million). Authorities say the move marks one of the most aggressive joint financial sanctions in recent years.
Court filings dated October 8 reveal that Chen’s Prince Group allegedly operated at least ten scam compounds in Cambodia, where trafficked workers were confined and forced to execute large-scale online scams. These operations reportedly targeted unsuspecting victims worldwide, luring them into fraudulent cryptocurrency investments.
Investigators uncovered shocking details — including “phone farms” containing over 1,250 mobile phones managing 76,000 fake social media accounts. Leaked internal documents allegedly trained workers to manipulate targets emotionally and even warned against using profile photos of women who appeared “too beautiful” to avoid suspicion.
Assistant Attorney General for National Security, John A. Eisenberg, condemned the operation as a “criminal empire built on human suffering,” stating that Chen’s network thrived on a deadly mix of cyber-fraud, human trafficking, and exploitation.
Prosecutors further alleged that Chen and his associates laundered their illegal profits through extravagant purchases — from private jets and luxury mansions to rare art collections, including a Picasso painting acquired at a New York auction.
The DOJ confirmed that the 127,271 bitcoin seized now represents the largest cryptocurrency confiscation in US history, surpassing all previous records combined.
Chen remains at large, with law enforcement agencies across multiple countries on high alert. If captured and convicted, he could face up to 40 years in prison.
The BBC reported that representatives of the Prince Group have been contacted for comment.