US Seizes Record $14B Bitcoin, Charges Prince Group’s Chen Zhi in Massive Crypto Scam and Forced Labor Empire

NEW YORK/LONDON — In what U.S. prosecutors are calling one of the biggest financial takedowns in history, the U.S. government has seized a record-breaking 127,271 Bitcoin, currently valued at over $14 billion (£10.5 billion), and charged the founder of Cambodia’s powerful Prince Group conglomerate in connection with a colossal cryptocurrency fraud scheme involving human trafficking and forced labor.

UK and Cambodian national Chen Zhi, the founder and chairman of the Prince Group, was indicted on Tuesday in New York on charges of wire-fraud conspiracy and money laundering conspiracy. U.S. authorities have labeled the Prince Group a “transnational criminal organization” built on “human suffering.”

Mastermind of a Cyber-Fraud Empire
The U.S. Department of Justice (DOJ) alleges that Mr. Chen, who remains at large, is the mastermind behind a “sprawling cyber-fraud empire” operating under the guise of his multi-national company, the Prince Group, whose website promotes legitimate services like property development and financial services.

Prosecutors accuse the operation of luring “unwitting victims” online with false promises of lucrative crypto investments. The proceeds were then allegedly laundered and used for lavish purchases, including private jets, luxury watches, and rare artwork, such as a Picasso painting bought at a New York auction house.

Forced Labor Camps and “Phone Farms”
The most shocking allegations detail that under Mr. Chen’s direction, the company built and operated at least ten scam compounds throughout Cambodia. These compounds, described as “prison-like,” were allegedly used as forced labor camps where trafficked workers were confined and coerced into carrying out the online scams, targeting thousands of victims worldwide.

Court documents, dated October 8, reveal the industrial scale of the operation, including the use of “phone farms”—automated call centers. Two facilities alone housed 1,250 mobile phones controlling approximately 76,000 social media accounts used to scam victims. Internal documents even included tips for building rapport with victims, advising workers not to use photos of women who were “too beautiful” to ensure the accounts appeared more genuine.

Coordinated US-UK Sanctions and Asset Freeze
In a coordinated joint operation, the US and the UK governments imposed sweeping sanctions on Mr. Chen’s businesses and network.

The UK government announced it has frozen significant assets linked to his network, including 19 properties in London, one of which is an office building reportedly worth nearly £100 million ($133 million). Also frozen is a £12 million mansion in North London and 17 city flats.

UK Foreign Secretary Yvette Cooper stated that the ringleaders were “ruining the lives of vulnerable people and buying up London homes to store their money,” emphasizing the determination to combat the threat and “keep dirty money off our streets.”

The sanctions effectively lock Mr. Chen and his associates out of the US and UK financial systems.

Four businesses specifically linked to the alleged scams—The Prince Group, Jin Bei Group, Golden Fortune Resorts World, and Byex Exchange—have also been sanctioned. Two of these, Jin Bei Group and Golden Fortune Resorts, were previously named in an Amnesty International report regarding forced labor and torture at Cambodian scam centers.

If convicted on all charges, Mr. Chen faces a maximum penalty of 40 years in jail. The BBC has reached out to the Prince Group for comment.