WASHINGTON, D.C. – The Department of Justice announced the unsealing of an indictment and the filing of the largest civil forfeiture action in its history involving approximately 127,271 bitcoin, currently worth about $15 billion, now in U.S. government custody.
The indictment, filed in the Eastern District of New York, charges UK and Cambodian national Chen Zhi, also known as Vincent, 37, with wire fraud conspiracy and money laundering conspiracy. Zhi is the founder and chairman of Prince Holding Group, a Cambodia-based conglomerate alleged to be operating fraudulent forced-labor compounds used to carry out large-scale cryptocurrency investment fraud, commonly referred to as “pig butchering” scams. These scams targeted victims in the United States and globally. The defendant remains at large.
The complaint alleges that individuals were trafficked and forced to work in heavily guarded compounds in Cambodia, where they were compelled to conduct scams using thousands of mobile phones. Victims were lured into transferring crypto assets through false promises of high returns. In reality, those funds were stolen and laundered, fueling the defendant’s criminal empire and lavish lifestyle.
The defendant is accused of directly overseeing the operations, including managing violence against workers, maintaining ledgers tracking scam operations, and orchestrating laundering through crypto “spraying” and “funneling” techniques. The seized cryptocurrency had been stored in unhosted wallets to which Zhi possessed private keys.
Attorney General Pamela Bondi and Deputy Attorney General Todd Blanche called the operation one of the most significant strikes against human trafficking and cyber-enabled financial fraud. FBI Director Kash Patel described it as one of the largest financial fraud takedowns in history.
Assistant Attorney General for National Security John A. Eisenberg said the crimes were built on human suffering and aimed at exploiting victims worldwide. U.S. Attorney Joseph Nocella Jr. for the Eastern District of New York stated that the indictment and forfeiture represent a historic step in dismantling a transnational fraud enterprise and holding those responsible accountable.
If convicted, Chen Zhi faces up to 40 years in prison.
In coordination with DOJ’s actions, the U.S. Department of the Treasury designated Prince Group a transnational criminal organization, announcing sanctions against Zhi and affiliated entities. The United Kingdom’s Foreign, Commonwealth and Development Office also announced sanctions in response.
The case is being investigated by the FBI New York Joint Asian Criminal Enterprise Task Force, with support from the FBI Virtual Asset Unit. Prosecutors from the Eastern District of New York and DOJ’s National Security Division are leading the prosecution and forfeiture efforts. International cooperation came from U.K. and Isle of Man agencies.
