DOJ Seizes $15 Billion in Bitcoin From Cambodia-Based Crypto Fraud Network

In a jaw-dropping blow to international cybercrime, the Department of Justice has seized 127,271 bitcoins worth $15 billion from a massive crypto fraud operation based out of Cambodia, marking the largest forfeiture action in U.S. history.

The case centers on Chen Zhi, also known as “Vincent,” the elusive 37-year-old head of Prince Holding Group. Zhi remains at large, but federal prosecutors in Brooklyn have charged him with leading a sprawling “pig butchering” scam a term for manipulative online fraud that blends romance scams with crypto theft.

“As alleged, the defendant directed one of the largest investment fraud operations in history,” said U.S. Attorney Joseph Nocella, Jr., calling it a scheme that has reached “epidemic proportions.”

The indictment reveals a criminal enterprise that exploited both digital assets and human beings. Zhi allegedly trafficked workers to operate from “phone farm” compounds massive facilities used to run 24/7 online scams targeting victims across the globe.

Victims were lured into phony relationships, begged for financial help, or duped with fake investment opportunities, all while believing they were helping someone they trusted. The term “Sha Zhu Pan” or “pig butchering” refers to grooming victims before financially slaughtering them.

Some of the most chilling details involve:

• Forced labor operations, where trafficked workers were beaten and abused for failing to hit scam quotas.

• Phone farms, where thousands of devices were used to create fake identities and manipulate unsuspecting victims.

• Unhosted digital wallets, used to obscure the stolen funds and avoid government tracking.

Zhi’s Prince Holding Group claimed to be a legitimate enterprise investing in real estate and finance across 30+ countries. In reality, the DOJ says it functioned as a front for one of Asia’s largest criminal enterprises, raking in as much as $30 million per day at its peak.

The U.S. Treasury has officially designated Prince Group as a “transnational criminal organization”, slapping sanctions on Zhi and his inner circle. The FBI described the case as one of the most significant financial fraud takedowns in history.

“This is an individual who allegedly operated a vast criminal network across multiple continents involving forced labor, money laundering, and stolen assets,” said FBI Director Kash Patel. “Millions of innocent victims were targeted in the process.”

What makes this seizure even more significant is the scope of financial deception coupled with human exploitation. Crypto-related crimes are increasingly tied to slave labor, fake investment pitches, and foreign bad actors who see America’s wealth and tech infrastructure as an easy mark.

The seizure of over $15 billion in bitcoin not only marks a major victory for the Justice Department but serves as a warning shot to global cybercriminals. The days of operating in the shadows of digital anonymity are coming to an end.

And while mainstream media will downplay this case or ignore it entirely the truth is this: criminal networks are evolving, blending tech, terror, and tyranny into billion-dollar rackets. The question isn’t if they’ll strike again it’s whether our leaders will have the courage to confront them.

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