New York, October 15:
In what officials are calling the largest cryptocurrency forfeiture in U.S. history, the Department of Justice (DOJ) has seized $15 billion worth of bitcoin from a massive “pig butchering” scam network allegedly run by Chen Zhi, also known as Vincent, the head of the Prince Holding Group based in Cambodia.

Chen Zhi accused of directing global fraud and forced-labour network

Federal prosecutors in Brooklyn, New York, on Tuesday unsealed an indictment charging 37-year-old Chen Zhi with orchestrating one of the world’s largest crypto fraud operations. Zhi, who remains at large, is also accused of running forced-labour scam compounds across Cambodia where trafficked workers were coerced into executing online scams under threat of violence.

According to the DOJ, the Prince Group masqueraded as a legitimate investment conglomerate operating in real estate, finance, and consumer services across more than 30 countries. In reality, prosecutors allege it was a front for a sprawling criminal enterprise that used deception, trafficking, and money laundering to defraud investors worldwide.

Images released by the U.S. District Court for the Eastern District of New York showed workers who had been beaten and allegedly forced to run “pig butchering” scams — a term derived from the Mandarin phrase Sha Zhu Pan, which describes luring victims through online relationships or fraudulent investment schemes before “slaughtering” them financially.

DOJ calls it the largest crypto seizure in U.S. history

The DOJ said it had seized 127,271 bitcoins, worth approximately $15 billion, from digital wallets linked to Chen Zhi and his associates. The funds, now under U.S. government custody, are believed to have been laundered through unhosted digital wallets, which give users direct control without intermediaries, making them popular among cybercriminals.

“As alleged, the defendant directed one of the largest investment fraud operations in history, fuelling an illicit industry that is reaching epidemic proportions,” said Joseph Nocella Jr., U.S. Attorney for the Eastern District of New York.

The Treasury Department has also designated Prince Group as a transnational criminal organisation, issuing sanctions against Zhi and several of his associates.

Trafficked workers and daily revenue in millions

Court filings reveal that Chen Zhi’s network of “phone farm” compounds generated up to $30 million per day at its peak. Workers, many of whom were victims of human trafficking, were allegedly trapped inside heavily guarded facilities across Cambodia. They were forced to pose as investors, romantic partners, or financial advisers to lure victims online into transferring cryptocurrency.

The DOJ’s evidence includes communications showing that Zhi allegedly used violence and intimidation to discipline workers who failed to meet daily scam targets.

“This is an individual who allegedly operated a vast criminal network across multiple continents involving forced labour, money laundering, and stolen assets targeting millions of innocent victims,” said FBI Director Kash Patel, calling the bust “one of the largest financial fraud takedowns in history.”

Expanding crackdown on crypto-linked crime

The seizure marks a major milestone in the U.S. government’s campaign against international cryptocurrency fraud. In recent years, “pig butchering” scams — often originating from Southeast Asia — have grown into a multibillion-dollar criminal enterprise affecting victims across North America, Europe, and India.

U.S. authorities have pledged to intensify cross-border cooperation to identify and dismantle similar operations, many of which involve human trafficking networks and cyber-enabled fraud.

Chen Zhi, meanwhile, remains a fugitive. The DOJ has not disclosed whether efforts are underway to seek his extradition from Cambodia.

Conclusion

The $15 billion bitcoin seizure underscores the growing scale of crypto-based financial crimes and the global networks sustaining them. As authorities ramp up efforts to trace illicit digital funds and protect victims, the case against Chen Zhi and Prince Group is expected to serve as a landmark in the fight against transnational crypto fraud.