The Largest Bitcoin Seizure in US History
US authorities confiscate 127,271 bitcoins valued at nearly $15 billion, marking the largest crypto forfeiture in history. The Department of Justice (DoJ) links the cryptocurrency to massive online scam operations run by Prince Holding Group, a Cambodian conglomerate directed by Chen Zhi, a 38-year-old businessman with dual Cambodian and UK citizenship.
Federal investigators describe Zhi’s organisation as a criminal empire built on human exploitation. They uncover evidence connecting the company to forced labor, online fraud, and cryptocurrency scams targeting people worldwide.
“Today the FBI and partners execute one of the largest financial fraud takedowns in history,” says FBI Director Kash Patel.
What’s Happening & Why This Matters
Slave Compounds and “Pig Butchering” Scams
According to the DoJ, Chen Zhi runs a network of compounds across Cambodia and Myanmar, where trafficked workers live under constant threat of violence. These workers conduct “pig butchering” scams—fraudulent investment schemes that lure victims into depositing funds into fake crypto trading platforms.
The DoJ alleges that Zhi uses Prince Holding Group — a company claiming to specialise in real estate and consumer finance—as a front to hide his global scamming operation. Investigators uncover records showing Zhi’s direct management of these compounds and violent enforcement tactics against unwilling workers.
One document includes photographs of beatings and torture, proving how Prince enforces obedience through physical punishment. The DoJ calls the organisation “a criminal enterprise that thrives through human suffering and digital deceit.”
Since 2015, the operation has funnelled billions in stolen assets through fraudulent wallets. These scams manipulate victims into sending investments that disappear into blockchain networks tied to Zhi’s companies.
Global Crackdown on Financial Crime
Federal prosecutors charge Zhi with wire fraud conspiracy and money laundering conspiracy. Though he remains at large, international enforcement pressure intensifies. The US and UK governments sanctioned 146 individuals and entities linked to Prince Holding Group. The sanctions block all Western banks and companies from transacting with the firm.
This is the largest transnational enforcement effort involving crypto-related scams based in Southeast Asia. The DoJ also confirms coordination with Interpol, Elliptic, and Europol to track the flow of stolen funds and prevent Zhi’s associates from accessing them.
“Authorities expose a system that enslaves workers and targets global victims under the guise of digital innovation,” says Erin West, a former California deputy district attorney leading anti-fraud advocacy.
Elliptic analysts trace the seized bitcoin to transactions completed last year. Although details remain confidential, officials confirm that the recovery gives hope for victim restitution and future asset reclamation.
The DoJ indictment spans 25 pages. It details Zhi’s emails, documents, and financial records obtained through subpoenas. It lays bare the inner workings of the network, including specific transfers routed through shell firms across Hong Kong, Singapore, and Cambodia.
Prince Holding Group denies any criminal activity and declines to comment on the charges.
TF Summary: What’s Next
The seizure is a small victory in the fight against crypto-driven crime. Expect deeper cooperation between US and Asian law enforcement, tighter regulations across digital asset exchanges, and stricter anti-money-laundering requirements on blockchain platforms.
MY FORECAST: Authorities pursue Chen Zhi’s network remnants, while victims demand restitution. The crackdown exposes how crypto anonymity empowers exploitation — and how transparent enforcement transforms digital finance from a criminal tool into a safer investment environment.
— Text-to-Speech (TTS) provided by gspeech