Record-Breaking $15 Billion Crypto Seizure: Unmasking a Cambodian “Pig Butchering” Empire Built on Forced Labor
In a seismic blow to the shadowy underworld of cryptocurrency fraud, the U.S. Department of Justice has seized approximately 127,271 bitcoins—valued at around $15 billion—the largest forfeiture action in the agency’s history. This unprecedented takedown targets a sprawling criminal network in Cambodia, led by tycoon Chen Zhi, accused of orchestrating “pig butchering” scams that exploited trafficked workers in forced labor camps to defraud victims worldwide. The operation, which generated up to $30 million per day at its peak, highlights the dark intersection of human trafficking, romance scams, and digital finance, leaving a trail of financial ruin and human suffering.
The Anatomy of a “Pig Butchering” Scam
At the heart of this scandal are “pig butchering” schemes—a term derived from the process of fattening up a pig before slaughter, symbolizing how scammers groom victims for maximum exploitation. These frauds typically begin innocently: A perpetrator, posing as a charming romantic interest or savvy investor on social media or dating apps, builds trust over weeks or months. Once rapport is established, the victim is lured into fake cryptocurrency investment platforms promising astronomical returns.
The platforms, controlled by the scammers, show fabricated profits to encourage larger deposits. But when victims attempt to withdraw, demands for fees or taxes escalate, and eventually, the scammer vanishes, leaving the mark financially devastated. In 2024, the FBI’s Internet Crime Complaint Center reported over $5.8 billion in losses from cryptocurrency investment fraud, with pig butchering scams accounting for a significant portion—a 66% surge from the previous year.
What sets this case apart is the human cost. Prosecutors allege that Chen Zhi, the 37-year-old founder and chairman of the Cambodia-based Prince Holding Group, directed a network of at least 10 forced-labor compounds since 2015. These high-walled facilities, ringed with barbed wire, functioned as “phone farms”—automated call centers where trafficked individuals from across Asia were coerced into executing the scams. Workers endured beatings, starvation, and threats to their families to meet daily quotas, turning desperation into global theft.
The Rise of Prince Group: From Conglomerate to Criminal Empire
Chen Zhi, also known as “Vincent,” built Prince Group into a multinational powerhouse with interests in real estate, banking, and hospitality. On the surface, it was a symbol of Cambodian economic ambition. Beneath, according to the unsealed indictment in Brooklyn federal court, it served as a front for one of the largest investment fraud operations in history. [4] [8]
The scheme’s proceeds fueled a lavish lifestyle. Authorities claim Chen and his associates splurged on yachts, private jets, luxury properties, and even a Picasso painting auctioned in New York. Laundering techniques were sophisticated: Stolen crypto was “sprayed” across thousands of unhosted wallets—self-custodied digital addresses outside traditional exchanges—to obscure origins, then funneled through online gambling sites and cryptocurrency mining operations. Blockchain analysis firm Elliptic revealed that some of the seized bitcoin traced back to a theft from a mining business with ties to Iran and China.
The network’s reach was vast, preying on victims in the U.S., Europe, and beyond. U.S. Attorney for the Eastern District of New York Breon Peace described it as causing “billions of dollars in losses and untold misery,” often to everyday people lured by the promise of quick riches in a volatile crypto market.
A Historic Seizure: Shattering Records and Sending a Message
The DOJ’s forfeiture of 127,271 bitcoins dwarfs previous crypto seizures, including a $225 million haul in June 2025. At current prices near $118,000 per bitcoin, the haul is a strategic asset for the U.S. government. The coins, previously held in private keys controlled by Chen, are now in U.S. custody, stored in secure, unhosted wallets. [6]
This action eclipses the UK’s June 2025 seizure of 61,000 bitcoins ($6.7 billion) from a Chinese investment scam suspect. Ari Redbord, global head of policy at crypto-tracing firm TRM Labs, called it “extraordinary not only for its scale but for what it represents”—a fraction of the estimated $75 billion pilfered by pig butchering operations globally, yet a pivotal step in disrupting them.
Chen remains at large, prompting the FBI to solicit tips via PrinceGroupTips@fbi.gov. The U.S. Treasury has designated Prince Group a “transnational criminal organization,” imposing sanctions alongside the UK on Chen and key associates, freezing assets across multiple countries.
In the end, the $15 billion haul isn’t just about dollars and cents; it’s a lifeline for trafficking survivors and a warning to fraudsters. As the crypto world grows, cases like this affirm that accountability—digital or otherwise—has no borders. The hunt for Chen Zhi continues, but for now, justice has claimed a monumental victory.