The U.S. Department of Justice has executed its largest crypto forfeiture ever. Officials seized $15 billion in Bitcoin from Prince Group, a Cambodian organization accused of running global pig-butchering scams that defrauded thousands of victims through fake investment platforms.
The indictment names Chen Zhi, the group’s chairman and founder, as the orchestrator of a vast criminal network that blended human trafficking, romance fraud, and cryptocurrency laundering.
How the Prince Group Scammed Victims
According to U.S. prosecutors, Prince Group operated sprawling compounds across Southeast Asia. These sites functioned as fraud factories, where trafficked workers were forced to lure targets online.
Victims were approached through social media or dating apps. Scammers developed trust before promoting false crypto investment opportunities promising guaranteed returns. Once victims transferred funds, the money vanished into fake trading dashboards controlled by the syndicate.
The U.S. Treasury confirmed that the criminals funneled billions through unhosted crypto wallets and shell firms. A portion was later laundered via real estate, luxury goods, and offshore accounts.
The $15 Billion Bitcoin Seizure
Investigators traced 127,271 Bitcoin to digital wallets under Chen Zhi’s control. Authorities moved swiftly to seize the funds under civil forfeiture laws.
The DOJ emphasized that this operation marks the largest crypto seizure in U.S. history, surpassing previous takedowns involving Silk Road and Bitfinex-linked cases.
Officials stated that the assets were stored in offline wallets, making the recovery particularly significant. The seizure demonstrates growing expertise in tracking funds across decentralized networks and cross-border laundering schemes.
Global Crackdown on Pig-Butchering Networks
The U.S. action coincides with a wider international effort. The U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Prince Group as a transnational criminal organization, blocking its access to Western financial systems.
The UK government followed with property freezes and travel bans targeting associates of the network. Meanwhile, FinCEN invoked special measures under the PATRIOT Act to cut ties with Huione Group, a financial conduit linked to the operation.
These moves highlight an escalating global push to dismantle crypto-based fraud ecosystems that exploit both victims and trafficked laborers.
Impact on the Crypto Landscape
This record-breaking forfeiture sends a clear message to cybercriminals. Authorities can now trace illicit digital assets even through unregulated crypto markets.
Cybersecurity analysts note that the case also exposes how romance-style investment scams have evolved into large-scale industrial operations with complex laundering pipelines. The crackdown should boost trust in legitimate crypto exchanges and accelerate calls for global AML compliance.
Final Thoughts
The Prince Group crypto seizure marks a historic moment in digital crime enforcement. The $15 billion Bitcoin recovery not only cripples a major criminal empire but also showcases how coordinated international action can strike at the heart of online fraud.
As regulators tighten oversight and blockchain analysis tools advance, such monumental takedowns may reshape how future crypto crimes are pursued and punished.
