DOJ Seizes $15 Billion in Bitcoin From Global ‘Pig Butchering’ Empire Linked to Cambodia’s Prince Group

In what officials are calling the largest cryptocurrency seizure in U.S. history, the Department of Justice (DOJ) has taken control of over $15 billion worth of Bitcoin linked to a vast international scam operation. The crackdown centers on Chen Zhi, also known as “Vincent,” the 37-year-old leader of Cambodia’s Prince Holding Group, who remains at large.

Federal prosecutors in Brooklyn, New York, unsealed an indictment Tuesday alleging that Chen masterminded a sprawling “pig butchering” network—a type of online investment scam that blends digital fraud with human trafficking and violence.

According to the DOJ, Zhi’s organization forced thousands of trafficked workers to run online cons targeting victims through fake romantic relationships and fraudulent cryptocurrency pitches. These victims were then manipulated into sending money and crypto to wallets under the syndicate’s control.

“The defendant directed one of the largest investment fraud operations in history, fueling an illicit industry that has reached epidemic proportions,” said U.S. Attorney Joseph Nocella, Jr. in a statement. Court filings reveal that Prince Group masqueraded as a global investment conglomerate spanning over 30 countries, while secretly running “phone farm” scam compounds across Cambodia.

At its height, prosecutors say the criminal network generated as much as $30 million per day, with illicit funds funneled through unhosted wallets—digital accounts not tied to traditional exchanges. Authorities have now seized 127,271 Bitcoins tied to Zhi’s operation, all now in U.S. custody.

The Treasury Department has officially designated Prince Group as a transnational criminal organization, announcing sanctions against Chen Zhi and his associates.

“This is an individual who allegedly operated a vast criminal enterprise spanning continents—built on forced labor, fraud, and financial exploitation,” said FBI Director Kash Patel, calling the takedown a “milestone moment” in the global fight against crypto-related crime.

The DOJ says efforts to locate and extradite Chen Zhi are ongoing as the agency continues tracing the group’s remaining digital assets across multiple jurisdictions.