U.S. authorities dismantle a massive crypto-fraud and human trafficking network operating out of Southeast Asia.
Summary
The U.S. Department of Justice has seized 127,271 Bitcoins—worth roughly $15 billion—in the largest financial recovery in American history. The operation uncovered an international “pig butchering” scam and forced-labor network allegedly run by Cambodian businessman Chen Vincent Zhi. Zhi is the founder and chairman of Prince Holding Group.
A Record-Breaking Seizure
In one of the largest financial operations in U.S. history, the Department of Justice (DOJ) has seized over 127,000 Bitcoins, valued at an estimated $15 billion, from an international cryptocurrency scheme that merged financial fraud with human trafficking.
The criminal syndicate, allegedly led by Chen Vincent Zhi, operated out of Cambodia and Myanmar, where it managed fraudulent investment platforms and “crypto compounds” exploiting trafficked laborers. Prince Holding Group is also allegedly associated with wire fraud and money laundering conspiracies.
“Today’s action represents one of the most significant strikes ever against the global scourge of human trafficking and cyber-enabled financial fraud,” said Attorney General Pamela Bondi and Deputy Attorney General Todd Blanche. This is the largest asset seizure in U.S. history and required collaboration from many international agencies.
Zhi and his co-conspirators supposedly used the profits of their crime for luxury travel, including the purchase of yachts and private jets, entertainment, and other extravagant purchases like watches, vacation homes, high-end collectables, and rare art work, including a Picasso painting.
Forced Labor Behind the Screens
The investigation revealed that behind the digital façade of the scam lay a network of forced-labor compounds. Recruited with false promises of legitimate tech jobs, victims—many from across Asia—were trafficked into secure compounds and forced to operate fake cryptocurrency platforms.
Inside these sites, workers were held against their will, forced to work 12-hour shifts, and subjected to physical and psychological abuse. They faced punishment for missing quotas and were monitored constantly to prevent escape. Zhi was directly involved in the violent methods used to control trafficking victims. In one case, he allegedly specified that victims should not be “beaten to death” when they “caused trouble” for the leaders.
“Prince Group’s investment scams have caused billions of dollars in losses and untold misery to victims around the world, including here in New York, on the backs of individuals who have been trafficked and forced to work against their will,” said U.S. Attorney Joseph Nocella Jr (Eastern District of New York). Atty. Nocella also stated that “we will pursue you no matter where you are, no matter who you are, and no matter your insidious methods, and we will never stop fighting for victims.”
Authorities have identified several such compounds, but experts estimate that hundreds more continue to operate across Southeast Asia, fueling a billion-dollar underground economy built on human exploitation.
How the “Pig Butchering” Scam Worked
The scheme relied on a form of social engineering known as “pig butchering.” Scammers—often forced laborers themselves—contacted victims through dating apps, social media, and messaging platforms.
Over time, they built trust through friendly or romantic exchanges before introducing “investment opportunities” in cryptocurrency. The victims were directed to spoofed websites that mimicked real trading platforms. Once they deposited funds, the money vanished—and so did the scammers.
Zhi and his organization have maintained documentation regarding the tracking of profits by each scammer. The ledgers also maintain records of which schemes were performed from which rooms in the compound. The defendants maintained “phone farms” which were automated calling centers that “used thousands of phones and millions of mobile telephone numbers to facilitate the various fraudulent schemes.”
The name “pig butchering” reflects how perpetrators “fatten up” their victims with attention and false trust before taking everything.
A Global Effort with Lasting Implications
The DOJ’s recovery of $15 billion in Bitcoin marks a historic milestone for law enforcement in the digital age, where cross-border crypto crimes are notoriously hard to trace. Officials have not yet disclosed whether arrests have been made, though Chen Vincent Zhi remains under investigation for money laundering, human trafficking, and organized fraud.
Experts say the seizure is a turning point—but not an end—highlighting the growing convergence of digital crime and human exploitation.
“Justice will be done and I’m proud of the men and women of the FBI who executed the mission faithfully.” – Kash Patel, FBI Director
A Historic Win and a Human Tragedy
While the DOJ’s operation stands as a landmark achievement, it also sheds light on a disturbing reality: the fusion of online fraud and human trafficking is becoming one of the defining crimes of the modern internet.
As global agencies work to dismantle these syndicates, the $15 billion Bitcoin seizure serves as both a symbolic victory and a sobering reminder—that in the digital underworld of crypto scams, financial crime and human suffering often go hand in hand.
In response to this event, the Treasury designated Prince Group as a transactional criminal organization and issued sanctions against the organization. Further, the U.K.’s Foreign, Commonwealth and Development Office also issued sanctions.
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