U.S. DOJ seeks $15B Bitcoin forfeiture from Prince Group founder
The U.S. Department of Justice (DoJ) has filed the largest cryptocurrency forfeiture lawsuit in history, seeking to seize approximately $15 billion worth of Bitcoin currently held in U.S. custody.
The forfeiture is part of the criminal case against Chen Zhi (also known as Vincent), a 37-year-old dual citizen of the United Kingdom and Cambodia and the founder and chairman of Prince Holding Group, one of Cambodia’s largest financial and industrial conglomerates.
According to the indictment, Chen transformed the group — originally engaged in real estate and financial services — into a criminal syndicate managing forced-labor scam compounds across Cambodia.
“Individuals held against their will in these compounds participated in fraudulent cryptocurrency investment schemes known as ‘pig butchering,’ which defrauded victims in the United States and worldwide of billions of dollars,” the DoJ stated.
Although Chen remains at large, U.S. authorities claim to control 127,271 BTC (about $15 billion) linked to him and have filed a civil forfeiture action to seize the assets.
The dark side of the development empire
According to the indictment, Chen Zhi has led Prince Group since 2015, expanding it into dozens of enterprises — reportedly more than 80 according to the group’s website — operating across multiple continents.
“The Prince Group’s scams targeted victims globally, including in the United States, through local networks acting on its behalf. One such network operated in Brooklyn, New York, facilitating fraudulent transfers and laundering millions of dollars for the group on behalf of more than 250 victims,” the DoJ said.
Prince Group call centers lured investors into transferring cryptocurrency for “construction projects” in the Mekong Delta, promising high returns. The company also allegedly trafficked hundreds of workers to Cambodia, forcing them to work in scam compounds under threats of violence and confinement.
“Today’s action represents one of the most significant strikes against global human trafficking and cyber-enabled financial fraud,” said U.S. Attorney Pamela Bondi and Deputy Attorney General Todd Blanche.
The DoJ reports that Prince Group used complex crypto-laundering techniques, including “layering” and “structuring”, to disguise the origins of funds. Large volumes of cryptocurrency were repeatedly distributed across dozens of wallets and later consolidated to conceal their source.
Some illicit profits were eventually deposited on exchanges or converted into fiat currency, funding luxury travel, yachts, private jets, vacation homes, rare collectibles, and fine art — including a Picasso painting purchased at a New York auction.
As we wrote, Evita Pay founder charged by U.S. over $530M crypto laundering scheme
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