U.S. Confiscates $14 Billion in BTC Linked to Cambodia’s Prince Group Scams
In one of the largest cryptocurrency seizures in U.S. history, American authorities have confiscated approximately 127,271 BTC worth about $14 to $15 billion from entities tied to Cambodia’s Prince Holding Group.
The move accompanies the unsealing of an indictment charging Chen Zhi (also known as “Vincent”), chairman of the conglomerate, for orchestrating a vast fraud operation based on forced labor and “” crypto scams.
The Scam Operation and Forced Labor Camps
According to the U.S. Department of Justice, Chen Zhi and his associates directed a network of forced-labor compounds across . Migrant workers were lured with promises of legitimate jobs, then held against their will in dormitory compounds surrounded by high fences or barbed wire.
Their passports were reportedly confiscated, physical abuse was allegedly used, and they were forced to carry out online investment scam campaigns targeting victims globally.
These workers operated “” running thousands of social media or messaging accounts to build trust with victims, then persuading them to invest in fictitious crypto schemes. The deceptive outreach often used romantic or emotionally manipulative narratives typical of “pig-butchering” scams.
Legal Actions and Sanctions
In the newly unsealed Brooklyn indictment, Chen faces charges of wire fraud conspiracy and money laundering conspiracy, among others. The U.S. also filed a civil forfeiture complaint over the seized now in U.S. custody.
In parallel, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) and FinCEN have sanctioned 146 associated entities and individuals connected to Prince Group, designating it a transnational criminal organization. The U.K. has coordinated by freezing related assets in London, including high-value real estate.
These actions form part of a broader Crackdown. The Treasury’s announcement frames it as “the largest action ever” targeting cybercrime networks in Southeast Asia.
Challenges and Implications
While seizing the crypto is symbolically powerful, dismantling the broader scamming apparatus remains hard. Chen remains at large, with U.S. authorities viewking his arrest. The complexity of transnational jurisdiction, money laundering, shell entities, and political protection in Cambodia complicates enforcement.
Still, this seizure sends a strong message: law enforcement will treat cryptocurrency fraud and human trafficking as linked and punishable on a global scale. Observers view this as a warning that elite networks exploiting digital finance will face consequences, and that are not immune from legal reach.
Crypto Crime Meets Real-World Justice
This massive BTC confiscation and coordinated legal assault crack open a window into how intertwined cyberfraud, human trafficking, and modern finance have become.
By targeting the financial infrastructure behind the operations rather than just its operatives, U.S. authorities are shifting the calculus for future crypto-enabled criminal enterprises. The seizure shows that even decentralized assets aren’t beyond reach, and it may recalibrate global norms around accountability and oversight in the digital age.
