$15 Billion Bitcoin Seized: Prince Group Chairman Indicted in Global Crypto Scam

U.S. authorities have unsealed an indictment against Chen Zhi, also known as Vincent Chen, the founder and chairman of Prince Holding Group, accusing him of orchestrating one of the largest forced-labor and crypto fraud operations in the world.

Prosecutors say Chen directed the operation of large-scale scam compounds in Cambodia where trafficked workers were forced to carry out online “pig butchering” investment fraud schemes.

The indictment, filed in the Eastern District of New York, charges Chen with wire fraud conspiracy and money laundering conspiracy, alleging billions of dollars were stolen from victims across the U.S. and abroad. Chen, a dual UK and Cambodian national, remains at large.

Largest crypto forfeiture in U.S. history

Alongside the indictment, the Department of Justice (DOJ) announced a civil forfeiture action involving 127,271 Bitcoin, roughly $15 billion, allegedly linked to the fraudulent operation. The cryptocurrency, now under U.S. government custody, marks the largest asset seizure in DOJ history.

Attorney General Pamela Bondi described the action as “one of the most significant strikes against human trafficking and cyber-enabled financial fraud,” emphasizing the government’s commitment to recover stolen assets and support victims.

FBI Director Kash Patel added that the takedown targeted “a vast criminal network operating across continents, built on forced labor and deception.”

According to the DOJ, since 2015, Prince Group, publicly presented as a real estate and financial conglomerate, secretly evolved into a transnational criminal organization.

Victims were contacted through social media and manipulated into transferring crypto into fake investment platforms. In Cambodia, trafficked workers were allegedly confined in walled compounds, forced to operate these scams under threats of violence.

Investigators say Chen personally oversaw these operations, keeping records of scam proceeds and even diagrams detailing the laundering of crypto assets through techniques known as “spraying” and “funneling.”

The funds were moved across wallets, exchanges, and shell companies, with portions later spent on luxury assets, including private jets, yachts, and even a Picasso painting purchased in New York.

Global sanctions and ongoing investigation

In coordination with the indictment, the U.S. Treasury designated Prince Group a transnational criminal organization, imposing sanctions on Chen and several associates. The U.K. Foreign Office also announced similar sanctions.

If convicted, Chen faces up to 40 years in prison. DOJ officials confirmed that the Bitcoin tied to the case is secured in government custody but declined to disclose how it was recovered.

As DOJ investigators put it, this case signals a broader warning: crypto-enabled frauds tied to human exploitation are now a central focus of international enforcement efforts.

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