"The U.S. government is moving to seize 127,271 BTC, valued at roughly $14 billion, tied to a sprawling online investment scam run by Chinese émigré Chen Zhi, 38, and his Cambodia-based Prince Group Transnational Criminal Organization. The action, announced Monday by the U.S. Treasury's Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN), comes as part of a sweeping crackdown on transnational cybercriminal networks and scams targeting U.S. and allied citizens."
"The network allegedly operated out of heavily guarded "scam compounds" in Cambodia, where workers were forced and coerced into running the schemes. Prosecutors claim the operation laundered billions in illicit proceeds through shell companies, real estate, gambling ventures, sextortion, and large-scale Bitcoin mining facilities in Asia and the United States. The U.S. government formally alleged that Chen's network moved and concealed at least 127,000 bitcoin, valued at billions of dollars, across numerous digital wallets."
"Chen Zhi, also known as "Vincent Chen," had built a multi-billion-dollar empire in Cambodia through online scams that lure victims into fraudulent investment schemes known as "pig butchering" scams. Victims are cultivated over months and persuaded to deposit funds into fake investment platforms. According to the indictment, filed in the Eastern District of New York, Chen and his co-conspirators lured victims worldwide into fake crypto platforms, using social media and messaging apps to build trust before stealing their funds."
OFAC and FinCEN moved to seize 127,271 BTC, roughly $14 billion, tied to Chen Zhi and the Cambodia-based Prince Group Transnational Criminal Organization. Chen Zhi, known as "Vincent Chen," built a multi-billion-dollar scam empire using pig-butchering schemes that cultivated victims over months and convinced them to deposit funds into fake investment platforms. The network operated from heavily guarded scam compounds where workers were reportedly forced to run the schemes. Prosecutors allege billions were laundered through shell companies, real estate, gambling, sextortion, and large-scale Bitcoin mining facilities across Asia and the United States. DOJ confirmed the funds are reportedly in U.S. possession.
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