DOJ Seizes Record $15 Billion in Bitcoin Tied to Global ‘Pig Butchering’ Scam Run from Cambodia
The U.S. Department of Justice has announced the seizure of $15 billion in bitcoin, marking the largest cryptocurrency forfeiture in its history. Prosecutors said the funds were linked to a massive “pig butchering” fraud scheme operated out of Cambodia.
An indictment unsealed in federal court in Brooklyn on Tuesday charged Chen Zhi, also known as Vincent, with orchestrating the operation. Authorities say Zhi remains at large.
Court filings identified Zhi as the founder and chairman of Prince Holding Group, a multinational conglomerate that prosecutors allege secretly evolved into one of Asia’s largest transnational criminal networks.
“Chen Zhi directed one of the largest investment fraud operations ever, fueling an illicit industry that has reached epidemic levels,” said U.S. Attorney Joseph Nocella. “These scams caused billions in losses and widespread suffering, often exploiting trafficked individuals forced to work under brutal conditions.”
According to prosecutors, the Prince Group ran forced-labor compounds across Cambodia, where victims were held against their will and coerced into carrying out crypto investment scams. Known as “pig butchering” schemes, these scams lured unsuspecting people—often contacted via messaging apps or social media—into transferring cryptocurrency with the false promise of lucrative returns. Instead, the funds were siphoned off and laundered for the criminals’ benefit.
The DOJ noted that perpetrators of the scheme often spent months building trust with their victims before stealing their money. Thousands of people worldwide, including in the U.S., were defrauded through this method.
Investigators also allege that Zhi and senior executives within Prince Group used political influence and bribes in multiple countries to shield their enterprise from law enforcement scrutiny.
The case underscores growing concerns about pig butchering scams, which blend cryptocurrency fraud with human trafficking and forced labor, making them one of the fastest-rising cybercrime threats globally.
