The United States government has seized more than $14 billion (£10.5 billion) worth of bitcoin and charged Chen Zhi, a UK and Cambodian national and founder of Cambodia’s Prince Group, for allegedly orchestrating a vast cryptocurrency fraud operation involving forced labour and human trafficking.
Chen, who remains at large, was indicted in New York on Tuesday for conspiracy to commit wire fraud and money laundering. The U.S. Department of Justice (DOJ) described the case as one of the largest financial takedowns in history and the biggest-ever bitcoin seizure, with approximately 127,271 bitcoins now held by U.S. authorities.
The Prince Group, which describes itself as a conglomerate with interests in real estate, finance, and consumer services, has been accused of concealing one of Asia’s largest transnational criminal networks. According to prosecutors, Chen oversaw a sprawling cyber-fraud empire that defrauded thousands of victims worldwide through elaborate online investment scams.
Victims were lured via social media and other digital platforms with false promises of high returns on cryptocurrency investments. Once funds were transferred, the money was laundered through Chen’s network of shell companies, prosecutors said.
Court documents revealed that under Chen’s leadership, the group operated at least ten scam compounds across Cambodia. These compounds allegedly housed trafficked workers who were coerced into running the online scams. The workers, confined in prison-like facilities, were forced to contact victims, build fake relationships, and persuade them to invest.
Two such facilities reportedly contained over 1,250 mobile phones managing about 76,000 fraudulent social media accounts. Internal documents from the Prince Group even offered “relationship-building” advice to scammers, cautioning against using photos of women “too beautiful” in order to appear more authentic to victims.
In a coordinated action, the U.S. and U.K. governments sanctioned Chen and his businesses. British authorities said they had frozen assets linked to the Prince Group, including 19 London properties—one valued at nearly £100 million ($133 million).
Assistant Attorney General for National Security John A. Eisenberg condemned the Prince Group as “a criminal enterprise built on human suffering,” citing its involvement in both financial crimes and human trafficking.
Prosecutors allege Chen and his associates used proceeds from the fraud for lavish spending, including private jets, luxury watches, and even a Picasso painting purchased from a New York auction house.
If convicted, Chen faces up to 40 years in prison. The BBC said it has contacted the Prince Group for comment.
