The Bitcoin worth $14bn seized this week marks one of the largest cryptocurrency crackdowns in global history, as the US and UK governments jointly targeted Cambodian billionaire Chen Zhi, founder of the Prince Group. Prosecutors allege Chen led an empire of cyber-fraud, human trafficking, and forced labor disguised under legitimate business operations.
According to the US Department of Justice (DOJ), Chen Zhi and his associates orchestrated a sprawling global crypto scam that defrauded thousands of victims through fake online investments and social media manipulation. The DOJ confirmed the confiscation of 127,271 Bitcoin, valued at over $14 billion, calling it “the largest ever Bitcoin seizure in history.”
Assistant Attorney General John A. Eisenberg described the Prince Group as “a criminal enterprise built on human suffering.”
Inside the Prince Group’s Crypto Scam Empire
Court filings reveal that the Cambodia-based Prince Group built at least ten large scam compounds throughout Southeast Asia, disguised as property or tech firms. Within these facilities, victims—many of them trafficked foreign workers—were allegedly forced to conduct online scams, targeting investors and ordinary users worldwide.
Investigators uncovered “phone farms” filled with racks of thousands of mobile phones, each controlling fake social media accounts to deceive potential victims. In total, more than 76,000 online profiles were operated from these compounds to run fraudulent investment and romance scams.
Internal company documents reportedly instructed scammers to avoid using photos of “women who look too beautiful” to make the profiles appear more believable.
Human Trafficking and Forced Labor Exposed
Authorities described a disturbing human cost behind the operation. Many workers were lured to Cambodia under false job offers, only to be detained, tortured, or threatened with violence if they refused to participate in the scams.
The Amnesty International report earlier this year linked Chen’s Jin Bei Group and Golden Fortune Resorts World to these forced labor compounds. Both companies have now been officially sanctioned by the US and UK governments.
Assistant Attorney General Eisenberg stated, “The Prince Group represents one of the most sophisticated and brutal intersections of crypto crime and human exploitation we’ve ever seen.”
Lavish Lifestyle Funded by Crypto Fraud
Prosecutors allege that Chen Zhi used billions in criminal proceeds to fund a lavish lifestyle, buying private jets, rare artwork, luxury watches, and even a Picasso painting from a New York auction.
In the UK, 19 luxury properties linked to Chen and his associates have been frozen, including a £100 million London office building and a £12 million mansion in North London.
If convicted, Chen faces up to 40 years in prison for wire fraud and money laundering conspiracy.
A Global Operation Against Crypto Corruption
The coordinated crackdown, led by US and UK authorities, represents one of the most significant financial enforcement actions in recent history. The Prince Group, Byex Exchange, Jin Bei Group, and Golden Fortune Resorts World are all now sanctioned and barred from Western financial systems.
UK Foreign Secretary Yvette Cooper said:
“Together with our US allies, we are taking decisive action to combat transnational fraud networks — protecting British nationals and keeping dirty money off our streets.”
Fraud Minister Lord Hanson added:
“Fraudsters prey on the most vulnerable, stealing savings and destroying trust. We will not tolerate this.”
The Bigger Picture: What It Means for Crypto
Experts say this historic case shows how cryptocurrency can enable both innovation and exploitation. With Bitcoin worth $14bn seized, regulators around the world are ramping up efforts to track and dismantle criminal crypto networks.
Financial analysts argue that the seizure will increase global pressure for tighter blockchain transparency laws and stronger oversight of cross-border crypto transactions.
The investigation continues, with Chen Zhi still at large — but the message is clear: crypto crime has no safe haven anymore.
Source: BBC News
