DOJ Seize $15bn in Bitcoin From "Pig Butchering" Scam
A staggering $15 billion in Bitcoin has been seized by U.S. authorities in what they’re calling the largest financial fraud takedown in American history, exposing a global network of crypto scams tied to forced labor, fake investments, and even luxury properties in London.
At the center of the case is Chen Zhi, also known as “Vincent,” a UK-Cambodian national accused of masterminding a sprawling cyber-fraud empire under his multinational company, the Prince Holding Group. The 37-year-old remains at large but now faces up to 40 years in prison if convicted of wire fraud and money laundering.
The U.S. Department of Justice (DOJ) and Treasury Department have designated Prince Group as a transnational criminal organization responsible for operating forced-labor scam compounds across Cambodia. These facilities lured trafficked workers under false job promises, only to trap them in heavily guarded compounds where they were forced to scam victims online—often under threat of violence.
“This is an individual who allegedly operated a vast criminal network across multiple continents involving forced labor, money laundering, investment schemes, and stolen assets targeting millions of innocent victims in the process,” said FBI Director Kash Patel.
Assistant Attorney General John A. Eisenberg described the scam ring as a “criminal enterprise built on human suffering,” adding that the group used human trafficking to staff its cybercrime operations.
What was the scam?
The scam method, known as "pig butchering," involved tricking people through fake romantic relationships or investment opportunities. Victims—mostly contacted via messaging apps and social media—were convinced to transfer cryptocurrency under the belief that it would generate profits. “In reality, the funds were stolen from the victims and laundered for the benefit of the perpetrators,” prosecutors said.
Some facilities, according to U.S. court documents, operated entire “phone farms” with over 1,200 mobile phones and 76,000 fake social media accounts, all designed to lure and con unsuspecting victims. Workers were instructed not to use profile photos that were “too beautiful” to make the accounts appear more believable.
At the height of its operation, the scam network allegedly generated $30 million per day.
Prosecutors say the scam compounds were more like prisons than workplaces. Workers—many of them foreign nationals—were locked inside, beaten, and tortured if they disobeyed. The DOJ presented images of beatings as part of the evidence.
Two of the scam centers named in the indictment had already been highlighted by Amnesty International in reports about forced labor and torture in Cambodian scam operations.
The compounds, set up by companies under the Prince Group umbrella, like Jin Bei Group and Golden Fortune Resorts, were described as purpose-built centers designed to extract as much money as possible from global victims.
The stolen funds weren’t just used to keep the scam going—they funded an ultra-luxurious lifestyle. Prosecutors say Chen Zhi and his associates splurged on private jets, rare artwork (including a Picasso), luxury watches, and elite entertainment.
The UK Foreign Office, part of a joint crackdown with the U.S., revealed that Zhi’s network had funneled its profits into UK real estate, including 19 properties in London. Among them is a £100 million office building, a £12 million mansion, and 17 high-end flats.
UK Foreign Secretary Yvette Cooper said that they were ruining the lives of vulnerable people and buying up London homes to store their money.” She went on to say: “Together with our US allies, we are taking decisive action to combat the growing transnational threat posed by this network – upholding human rights, protecting British nationals and keeping dirty money off our streets.”
Largest seizure of crypto in history
The U.S. has now seized 127,271 bitcoins, worth about $15 billion, making it the largest seizure of cryptocurrency in DOJ history. The Prince Group and several related businesses have been sanctioned, locking them out of the U.S. and UK financial systems. The DOJ also claims Chen used political influence and bribery to shield his operation from law enforcement in multiple countries.
UK Fraud Minister Lord Hanson warned that fraud operations like this are becoming alarmingly common: “Fraudsters prey on the most vulnerable by stealing life savings, ruining trust, and devastating lives. We will not tolerate this.”
As global authorities tighten their grip on the Prince Group’s empire, the search continues for Chen Zhi.
