US authorities have seized $15 billion in bitcoin linked to Prince Holding Group, a Cambodian conglomerate that has allegedly operated a global cryptocurrency fraud scheme targeting investors in several countries.
Founder Chen Zhi charged with wire fraud and money laundering
Federal prosecutors filed an indictment against Chen Zhi, 37, founder and chairman of Prince Holding Group. The indictment, unsealed in federal court in Brooklyn, accuses Chen of operating a criminal network in Cambodia that used forced labor and social media-based investment schemes to steal billions from people in the United States and abroad. Chen faces a maximum of 40 years in federal prison if convicted.
Attorney General Pamela Bondi and Deputy Attorney General Todd Blanche stated: “By dismantling this criminal network, the United States is protecting victims, recovering stolen funds, and holding accountable those who exploit vulnerable populations.”
FBI Director Kash Patel added: “This operation involved criminal activity across multiple continents, including forced labor, cryptocurrency theft, and money laundering targeting millions of victims.”
The United States and the United Kingdom impose sanctions on Prince Holding Group
The US Treasury Department’s Office of Foreign Assets Control coordinated with UK officials to impose sanctions on 146 entities linked to Prince Holding Group. The conglomerate is officially designated as a transnational criminal organization, which restricts its global financial operations.
Prince Holding Group lists business activities in real estate, banking, finance and consumer services. While the company has previously denied involvement in fraudulent schemes, it has not issued a statement regarding the latest allegations.
Cryptocurrency fraud: “pig butchery” scheme
Federal prosecutors describe the cryptocurrency scam as a “pig slaughter” operation, in which victims are persuaded through social media and messaging apps to transfer cryptocurrency under false promises of investment. The stolen funds were laundered and used to finance luxury travel, entertainment and extravagant purchases.
Allegations of human trafficking and forced labor
Federal prosecutors allege that Prince Holding Group forced hundreds of people to work at compounds across Cambodia to support its cryptocurrency fraud ring. These compounds were secured with barbed wire and high walls, and employees were reportedly forced to work under strict supervision.
The indictment alleges that the executives paid bribes to local officials to avoid law enforcement and took advantage of their political connections to continue operations without interruption.
According to Cyber Scam Monitor, more than 200 scam centers and online casinos operate in Cambodia, many of them linked to the Prince Holding Group network. Investigations indicate that these facilities were used for both cryptocurrency fraud and money laundering activities, demonstrating the scale and organization of the operation.
$15 Billion Bitcoin Seizure Exposes Investor Vulnerabilities
The US government’s seizure of $15 billion worth of bitcoins reveals the risks of sending digital assets to foreign platforms without a license. The fraudsters behind Prince Holding Group exploited international legal loopholes to target investors around the world. Authorities urge cryptocurrency users to check platform registration, confirm regulatory compliance, and avoid unverified offshore exchanges to avoid large-scale financial losses.
Also read: Hackers Are Stealing Billions in Cryptocurrencies: How to Protect Your Money