The U.S. government has executed its largest financial forfeiture in history, seizing $15 billion in bitcoin from a Cambodian business tycoon accused of orchestrating a massive international cryptocurrency fraud scheme built on forced labor.

Federal prosecutors have charged Chen Zhi, 37, the founder and chairman of Prince Holding Group, with wire fraud and money laundering in connection with a vast criminal network that allegedly defrauded victims across the United States and worldwide, according to CBS News. The indictment was unsealed in federal court in Brooklyn on Tuesday.

The complaint represents the largest forfeiture action in Department of Justice history, marking a major escalation in U.S. efforts to combat transnational cybercrime. Chen remains at large and faces a maximum penalty of 40 years in prison if convicted.

Historic Seizure and Criminal Charges

Attorney General Pamela Bondi and Deputy Attorney General Todd Blanche emphasized the unprecedented scope of the enforcement action in a joint statement. "By dismantling a criminal empire built on forced labor and deception, we are sending a clear message that the United States will use every tool at its disposal to defend victims, recover stolen assets and bring to justice those who exploit the vulnerable for profit," they said. The statement underscored the government's commitment to pursuing cryptocurrency-related crimes regardless of geographic boundaries.

FBI Director Kash Patel characterized the operation as one of the most significant financial fraud takedowns in the bureau's history. "This is an individual who allegedly operated a vast criminal network across multiple continents involving forced labor, money laundering, investment schemes, and stolen assets — targeting millions of innocent victims in the process," Patel said in a statement. The multi-agency effort involved coordination between federal prosecutors, FBI investigators, and international partners.

The U.S. Treasury Department's Office of Foreign Assets Control announced coordinated sanctions with U.K. officials against 146 entities associated with the Prince Group. The conglomerate has been formally designated a transnational criminal organization by the department. These sanctions represent a comprehensive effort to dismantle the financial infrastructure supporting the alleged criminal enterprise.

Prince Group's Business Operations

Prince Holding Group's website describes the company as one of Cambodia's largest conglomerates, with diverse business interests spanning multiple sectors. The company focuses on real estate development, banking, finance, and consumer services. This legitimate business facade allegedly concealed extensive criminal operations targeting victims globally.

The company did not immediately respond to requests for comment on the charges and seizure. Prince Group has previously denied involvement in scam operations when similar allegations emerged. The company has not publicly responded to the latest allegations detailed in the federal indictment.

Chen's position in Cambodian society extended beyond his business empire into the political sphere. He formerly served as a personal adviser to Cambodian Prime Minister Hun Manet. This political connection allegedly provided protection and influence that enabled the criminal enterprise to operate with impunity within Cambodia.

Pig Butchering Scam Operations

Federal prosecutors described the cryptocurrency fraud operation as a "pig butchering" scam, a scheme in which scammers cultivate relationships with victims before duping them into fraudulent investments. The criminal network allegedly convinced victims through social media and messaging apps to transfer cryptocurrency based on false promises of investment returns. Once victims transferred their funds, the scammers stole the money and laundered it through complex financial networks.

The proceeds from the stolen cryptocurrency were used to fund lavish lifestyles, including luxury travel, entertainment, and other extravagant purchases, according to the Justice Department. This pattern of conspicuous consumption contrasted sharply with the conditions endured by workers forced to carry out the scams. The criminal enterprise allegedly generated billions of dollars through these deceptive schemes.

Prosecutors said Prince Group targeted victims around the world with assistance from local networks, including one operated from Brooklyn, New York. This international reach demonstrated the sophisticated nature of the criminal organization. The use of U.S.-based operations helped the network access American victims more effectively.

Lessons to Learn

1. Be skeptical of unsolicited investment pitches. If someone you don’t know reaches out on social media or via messaging apps about a too-good-to-be-true crypto investment, it likely is. Always verify platforms and do your own research.

2. Understand how fraud networks operate behind the scenes. Scams like these are often backed by large criminal enterprises that coerce workers into carrying out the fraud. Anyone can be a victim, and we must resist the urge to blame individuals who fall prey to such complex schemes.

3. Report suspicious activity immediately. If you believe you’ve come across a scam or if someone you know has been targeted, report it to local or federal authorities. Early reporting can lead to arrests and asset recoveries, as seen in this historic case.

Why This Story Matters

This case is a stark reminder of how digital scams are no longer operated by lone actors but increasingly by well-resourced, transnational criminal organizations. Beyond financial losses, the human cost—with forced labor victims and enslaved workers—underscores the moral urgency of swift enforcement. Public awareness and government action are both critical in tackling fraud rings that exploit the most vulnerable. The story also highlights the role of international cooperation in confronting globalized crime.

Conclusion

The Department of Justice's $15 billion bitcoin seizure reveals the enormous financial scale and human suffering tethered to a syndicate allegedly led by Cambodian businessman Chen Zhi. Prosecutors say Chen oversaw an international crypto fraud operation that trafficked workers and stole billions through fake investment strategies. Officials have charged Chen with wire fraud and money laundering; he remains a fugitive. Authorities have coordinated massive sanctions, exposed elite ties, and dismantled infrastructure that enabled the crime. This unprecedented case illustrates the complex intersection of human trafficking, digital fraud, and international corruption.