U.S. authorities have brought charges against Chen Zhi, chairman of Cambodia’s Prince Holding Group, accusing him of leading a vast cryptocurrency fraud scheme. Along with the criminal charges, the government has seized more than $14 billion in bitcoin tied to the operation.
The indictment, unsealed in Brooklyn federal court, alleges Chen orchestrated a so-called “pig butchering” scam—where victims are lured through fake romantic or investment promises and then convinced to transfer cryptocurrency. AP News+2Department of Justice+2 He is also accused of deploying forced labor camps in Cambodia, forcing victims to run scam operations against their will.
Prosecutors say Chen used the ill-gotten gains to fund a lavish lifestyle—buying yachts, private jets, real estate, and artworks (including a Picasso). Financial Times+3AP News+3Department of Justice+3 He also allegedly paid bribes to foreign officials and used his network of shell companies and crypto mining businesses to launder the proceeds.
If convicted, Chen Zhi faces up to 40 years in prison. AP News+2Department of Justice+2 Meanwhile, the U.S. and the U.K. have imposed sanctions on Chen, his company, and dozens of related entities, declaring Prince Group a transnational criminal organization.
This case marks one of the largest crypto asset forfeitures in U.S. history, and shines a spotlight on the convergence of human trafficking, organized crime, and digital fraud.
