US DOJ seizes $15 bn in bitcoin tied to massive Cambodia-based ‘pig butchering’ scam

The US Department of Justice has seized approximately $15 billion worth of Bitcoin from Chen Zhi, a UK and Cambodian national accused of running one of the world’s largest pig butchering cryptocurrency fraud operations, officials announced Tuesday.

Prosecutors allege that Chen, 37, the chairman of Prince Holding Group, operated forced-labor scam compounds across Cambodia, where trafficked workers were coerced into conducting large-scale online investment scams that defrauded victims globally of billions of dollars.

The seized cryptocurrency about 127,271 Bitcoin is now in US government custody and represents the largest digital asset forfeiture in Department of Justice history.

According to the indictment unsealed in Brooklyn federal court, the fraudulent schemes targeted victims through social media and messaging apps, luring them with fake investment opportunities before stealing their funds. The money was then laundered through complex cryptocurrency transfers and Prince Group’s legitimate-looking businesses.

Attorney General Pamela Bondi said the seizure marks “one of the most significant strikes ever against the global scourge of human trafficking and cyber-enabled financial fraud.”

FBI Director Kash Patel added that the case exposed a “vast criminal network” operating across continents, exploiting thousands of victims and workers alike.

Chen faces charges of wire fraud conspiracy and money laundering conspiracy, carrying a potential sentence of up to 40 years in prison. He remains at large.

In coordination with US authorities, the Department of the Treasury and the UK government also imposed sanctions on Chen, Prince Group, and affiliated entities for their roles in the illicit network.