Record-Breaking $15 Billion Bitcoin Seizure from Prince Group Cybercrime Syndicate

Federal authorities in the United States and United Kingdom have executed a historic crackdown on the Prince Group, a transnational criminal organization based in Cambodia, resulting in the seizure of approximately 127,271 Bitcoin, valued at around $15 billion. This operation marks the largest cryptocurrency seizure in U.S. history and is part of a coordinated effort to dismantle one of the most prolific cyber-enabled financial fraud and human trafficking networks in the world. The Prince Group, led by Chen Zhi, also known as Vincent, has been accused of orchestrating widespread 'pig butchering' scams—sophisticated investment frauds that lure victims through social media, dating sites, and messaging apps, ultimately convincing them to invest in fraudulent cryptocurrency schemes. Victims' funds were systematically stolen and laundered through a complex web of over 100 shell and holding companies spanning more than 30 countries.

The criminal enterprise relied heavily on human trafficking, forcibly recruiting and detaining thousands of individuals in heavily guarded compounds in Cambodia, where they were compelled to perpetrate scams under threat of violence. These compounds were described as modern-day slavery camps, featuring high walls, barbed wire, and harsh living conditions. The Prince Group also operated automated call centers, utilizing millions of phone numbers to facilitate their fraudulent activities on a global scale. Chen Zhi, the alleged mastermind, remains at large and is the subject of an international manhunt, with the FBI seeking information on his whereabouts. He faces up to 40 years in prison if apprehended and convicted.

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed financial sanctions on 146 individuals and entities associated with the Prince Group, aiming to disrupt the organization’s financial infrastructure. The group’s operations have been ongoing since at least 2015, with law enforcement agencies noting the use of advanced cryptocurrency laundering techniques such as 'spraying' and 'funneling' to obscure the origins of illicit funds. Chen Zhi is also accused of bribing public officials to evade law enforcement scrutiny and maintain the group’s operations. The crackdown is being hailed as one of the most significant actions ever taken against cyber-enabled financial fraud and human trafficking, with officials emphasizing the global reach and devastating impact of the Prince Group’s activities. The seizure and sanctions are expected to significantly disrupt the group’s ability to operate and send a strong message to other cybercriminal organizations. Authorities continue to investigate the full extent of the Prince Group’s network and are working with international partners to identify additional victims and perpetrators. The operation underscores the growing intersection of cybercrime, cryptocurrency, and human trafficking, highlighting the need for continued vigilance and international cooperation. The Prince Group’s public-facing business activities in Cambodia masked its extensive criminal enterprise, which has now been exposed through this landmark law enforcement action. The case serves as a warning to other criminal organizations leveraging technology and human exploitation for financial gain. The Justice Department and its partners remain committed to pursuing those responsible and providing support to the victims of these crimes.