By Harshit | October 15, 2025 | New York City | 6:00 AM EDT
US and UK Sanction Prince Group in Record-Breaking Cryptocurrency Bust
In one of the largest financial crackdowns in history, the U.S. government has seized over $14 billion in bitcoin and charged Chen Zhi, a dual UK–Cambodian national and founder of the Prince Group, for allegedly masterminding a vast cryptocurrency scam that involved human trafficking and forced labor.
U.S. prosecutors announced on Tuesday that Chen, who remains at large, is accused of leading a “sprawling cyber-fraud empire” from Cambodia under the guise of his multinational conglomerate. The U.S. Department of Justice (DOJ) said his operations defrauded thousands of victims worldwide, making it the largest bitcoin seizure ever recorded — totaling approximately 127,271 bitcoins.
Simultaneously, the UK and U.S. governments imposed coordinated sanctions on Chen and his affiliated companies, freezing assets and cutting them off from Western financial systems. The UK government confirmed that it has frozen 19 London properties linked to Chen’s network, including one valued at nearly £100 million ($133 million).
Wire Fraud, Money Laundering, and Forced Labor Allegations
Chen faces charges in the U.S. District Court for the Eastern District of New York for wire fraud conspiracy and money laundering. Prosecutors allege that his empire used a network of fake investment platforms to lure unsuspecting investors into transferring cryptocurrency under false promises of high returns.
“Victims were manipulated into believing they were making legitimate investments, while in reality, they were fueling a massive criminal enterprise,” the DOJ said.
According to court filings, Chen’s organization constructed and managed at least ten scam compounds across Cambodia, where trafficked workers were allegedly imprisoned and forced to carry out online scams under harsh conditions.
Two of these compounds contained over 1,200 mobile phones operating approximately 76,000 fake social media accounts. Investigators found detailed training manuals advising workers to avoid using profile photos of women who were “too beautiful,” to make scam profiles appear more believable.
Assistant Attorney General for National Security John A. Eisenberg described the Prince Group as a “criminal enterprise built on human suffering.”
“These compounds functioned like digital prisons, where trafficked workers were exploited to defraud victims across the world,” Eisenberg said.
Luxury Lifestyle Funded by Crime
While thousands of victims lost their life savings, prosecutors allege that Chen and his associates used the stolen funds for a lavish lifestyle.
The DOJ said Chen spent millions on private jets, rare artwork, and luxury travel, including the purchase of a Picasso painting from a New York auction house.
Authorities also allege Chen used shell companies in the British Virgin Islands to launder criminal proceeds and purchase luxury real estate in London, including a £12 million mansion in North London and 17 luxury flats across the city.
If convicted, Chen faces up to 40 years in prison.
Global Sanctions and Human Rights Violations
The Prince Group and three of its associated entities — Jin Bei Group, Golden Fortune Resorts World, and Byex Exchange — were also sanctioned by both U.S. and UK authorities.
“These entities are accused of operating large-scale scam centres and laundering billions in illicit funds,” the UK Foreign Office said in a statement.
Foreign Secretary Yvette Cooper condemned the criminal network, saying: “They were ruining the lives of vulnerable people and buying up London homes to store their money. Together with our U.S. allies, we are taking decisive action to combat the growing transnational threat posed by this network.”
A joint report by Amnesty International earlier this year also linked the Jin Bei Group and Golden Fortune Resorts to forced labor and torture in scam centres across Cambodia. Victims were allegedly trafficked from other Asian countries under false job offers, then coerced into working as online scammers under threat of violence.
“These scammers operate on an industrial scale,” the Foreign Office added, noting that similar schemes have reached victims in the UK through “romance frauds” and other manipulative online tactics.
International Crackdown on Crypto-Related Crime
The Prince Group case is part of a broader global crackdown on crypto-fueled financial crime and human trafficking networks that operate across Southeast Asia.
Fraud Minister Lord Hanson said the UK’s actions demonstrate its commitment to “keeping dirty money off our streets.”
“Fraudsters prey on the most vulnerable by stealing life savings, ruining trust, and devastating lives. We will not tolerate this,” Hanson said.
The DOJ confirmed that seized cryptocurrency assets will remain in U.S. custody pending court proceedings. Meanwhile, Interpol and Cambodian authorities are reportedly working to locate Chen and dismantle his remaining operations.
As the case unfolds, officials say the Prince Group investigation serves as a warning to other criminal organizations using cryptocurrency to mask global fraud and human rights abuses.
