$14-B Bitcoin Seizure Exposes Global Cryptocurrency Scam 

Chen Zhi

$14-B Bitcoin Seizure Exposes Global Cryptocurrency Scam 

By Paul V. Young – TheNationWeek.Com | October 20, 2025

NEW YORK/LONDON – A joint US-UK operation has dismantled a massive cryptocurrency scam, seizing over $14 billion in Bitcoin and indicting Chen Zhi, founder of the Cambodian Prince Group, on charges of wire fraud and money laundering. 

The case exposes a sprawling criminal enterprise allegedly built on human trafficking and forced labor, with victims worldwide defrauded of their savings.

The US Department of Justice (DOJ) accuses Chen, who remains at large, of orchestrating a cyber-fraud empire under the guise of the Prince Group, tagged as one of Asia’s largest transnational criminal organizations. 

The indictment, unsealed on Oct. 14, 2025, alleges that victims were lured with promises of lucrative investments, only to be coerced into transferring their cryptocurrency to the organization.

The seized 127,271 Bitcoin represents one of the largest financial crackdowns in history.

US and UK authorities have also sanctioned Chen’s businesses, freezing assets, including 19 London properties, one valued at $133 million (£100 million).

Criminal Enterprise Built on Human Suffering

According to the DOJ, Chen established at least 10 scam facilities across Cambodia to maximize victim outreach.

Internal Prince Group documents outlined strategies for building trust, even advising employees to avoid overly attractive profile pictures to maintain credibility.

“This criminal enterprise was built on human suffering,” said Assistant Attorney General for National Security John Eisenberg.

He disclosed that trafficked workers were confined in prison-like conditions and forced to perpetrate scams against individuals globally. 

Reports from Amnesty International confirm the Prince Group’s links to forced labor and abuse in Cambodian scam centers, where victims are lured with promises of legitimate employment and then coerced into committing fraud under duress.

Court documents reveal the sophistication of the operation, with accomplices acquiring millions of mobile numbers and creating “phone farms” to execute call center scams.

Two of these centers reportedly housed 1,250 mobile devices managing around 76,000 social media accounts for fraudulent activities.

Lavish Spending and UK Real Estate

The DOJ alleges that Chen and his associates used the illicit proceeds for lavish expenditures, including luxury travel, expensive watches, private jets, and even a Picasso painting acquired at a New York auction.

In the UK, Chen’s network allegedly invested heavily in real estate through businesses in the British Virgin Islands, including a £100-million office building and a £12-million mansion in North London.

Following US sanctions, Chen has been effectively barred from accessing the UK financial system.

UK Condemnation, Commitment to Combat Transnational Crime

UK Foreign Secretary Yvette Cooper condemned the actions, stating that Chen and the Prince Group were “ruining the lives of vulnerable people” while using their ill-gotten gains to acquire properties in London.

She stressed the commitment of the UK and its US allies to fight transnational threats, protect human rights, and prevent the infiltration of illicit funds into the economy.

Fraud Minister Lord Hanson echoed this sentiment, stating, “Fraudsters prey on the most vulnerable by stealing life savings, ruining trust, and devastating lives. We will not tolerate this.”

If convicted in the US, Chen faces a maximum sentence of 40 years in prison.

The dismantling of the complex operation highlights the growing threat of cryptocurrency-enabled crime and the commitment of international law enforcement to combat these illicit activities.