The U.S. Department of Justice has announced a significant forfeiture action, seizing approximately $15 billion worth of Bitcoin from a sophisticated criminal enterprise responsible for widespread cryptocurrency scams. This operation, described as the largest of its kind in U.S. history, targets a vast network that preyed on individuals through elaborate online deception.
Federal Prosecutors Unseal Charges Against Alleged Scam Leader
Federal prosecutors in Brooklyn, New York, have unsealed charges against Chen Zhi, also known as “Vincent,” identified as the leader of the Prince Holding Group. Operating primarily from Cambodia, Zhi is accused of orchestrating a massive “pig butchering” scam operation, which lured victims through fabricated romantic relationships, appeals for financial assistance, and deceptive cryptocurrency investment promises. The indictment also alleges Zhi’s involvement in directing forced-labor compounds where workers were subjected to violence and abuse.
Prince Holding Group: A Front for Criminal Activities
The Prince Holding Group, which claimed to operate in diverse sectors such as real estate and finance across numerous countries, allegedly served as a front for one of Asia’s largest criminal organizations. Prosecutors contend that the group’s illicit activities generated substantial daily revenues, potentially reaching $30 million at their zenith. The stolen cryptocurrency funds were reportedly laundered through unhosted digital wallets, a method that allows users direct control over their assets, complicating traceability.
Record-Breaking Seizure and Sanctions
The seized Bitcoin, totaling 127,271 coins valued at $15 billion, are now in the custody of the U.S. government. The Treasury Department has officially designated the Prince Group as a “transnational criminal organization” and imposed sanctions on Zhi and his associates. This action highlights the growing challenge of combating sophisticated, cross-border financial crimes enabled by digital assets.
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Former Wall Street analyst turned crypto journalist, Marcus brings a decade of expertise in trading strategies, risk management, and quantitative research. He writes clear, actionable guides on technical indicators, portfolio diversification, and emerging DeFi projects.