In a monumental operation targeting a sprawling global criminal enterprise, the Department of Justice (DOJ) today announced the largest forfeiture action in its history, seizing approximately 127,271 bitcoin—currently valued at a staggering $15 billion—that are linked to a sophisticated “pig butchering” cryptocurrency scam and human trafficking operation.
The action follows the unsealing of an indictment in Brooklyn federal court against Chen Zhi, also known as “Vincent,” the founder and chairman of the Cambodia-based multinational business conglomerate Prince Holding Group (Prince Group).
Zhi is charged with wire fraud conspiracy and money laundering conspiracy for allegedly directing the Prince Group’s operation of forced-labor scam compounds.
Trafficking and Trillions
As alleged, Chen Zhi was the mastermind behind a massive cyber-fraud empire built on human suffering. The Prince Group allegedly trafficked hundreds of workers, confining them in prison-like compounds and forcing them to execute the fraudulent crypto investment schemes that stole billions from victims worldwide, including in the U.S.
“Today’s action represents one of the most significant strikes ever against the global scourge of human trafficking and cyber-enabled financial fraud,” stated Attorney General Pam Bondi.
The scams—known as “pig butchering” for the way perpetrators build trust with victims before financially slaughtering them—lured unwitting individuals to invest cryptocurrency with false promises of profit. The stolen funds were then allegedly laundered through a complex network of shell companies and sophisticated techniques like cryptocurrency “spraying” and “funneling.”
The Fugitive and the Forfeiture
The seized assets, which the DOJ alleges are the proceeds and instruments of the fraud, were previously stored in unhosted cryptocurrency wallets. The $15 billion in bitcoin is now in the custody of the U.S. government, marking a historic recovery.
U.S. Attorney Joseph Nocella, Jr. underscored the gravity of the crimes: “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.”
The indictment further alleges that Chen Zhi and his executives used political influence and paid bribes in multiple foreign countries to shield their criminal activities. The ill-gotten gains were then allegedly used for lavish expenses, including yachts, private jets, and high-end art, such as a Picasso painting purchased in New York City.
Chen Zhi is currently at large, facing a maximum sentence of 40 years’ imprisonment if convicted. In parallel with the DOJ’s actions, the Department of the Treasury and the United Kingdom also announced sanctions against Prince Group and associated entities for their roles in the illicit activity.
The investigation was spearheaded by the FBI, with support from the DEA and the U.S. Department of State’s Diplomatic Security Service.
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