Cambodia’s Prince Group and its chairman, Chen Zhi, are at the center of one of the largest financial takedowns in history with U.S. authorities seizing over $14 billion worth of Bitcoin tied to a global crypto-fraud and human-trafficking empire.
A $14 Billion Crypto Empire Unmasked
What appeared to be a sprawling Cambodian conglomerate has turned out to be one of the most sophisticated scam networks ever uncovered.
U.S. prosecutors have charged Prince Group a company long portrayed as a legitimate real-estate and investment powerhouse and its powerful chairman, Chen Zhi, with wire fraud and money laundering conspiracy.
According to the U.S. Department of Justice (DOJ), the group’s glittering façade of property, finance, and consumer brands masked a dark underworld of crypto scams, human trafficking, and cross-border financial crimes.
Chen, a dual citizen of Cambodia and the United Kingdom, now faces up to 40 years in prison if convicted.
Inside the “Pig-Butchering” Machine
Court filings reveal that under Chen’s direction, the Prince Group operated at least ten scam compounds across Cambodia. These sites allegedly confined trafficked workers many lured under false job promises — who were then forced to run “pig-butchering” scams on an industrial scale.
These operations targeted victims across the globe through romantic and investment frauds that relied heavily on crypto transactions.
“Trafficked workers were confined in prison-like compounds and forced to carry out online scams on an industrial scale,”
said Assistant Attorney General John A. Eisenberg.
“They preyed on thousands worldwide, including many here in the United States.”
The Phone Farms and the Playbook
Investigators uncovered so-called “phone farms” inside Chen’s compounds vast setups with thousands of devices used to manipulate social media at scale.
Two such sites, according to the DOJ, contained 1,250 phones controlling more than 76,000 fake accounts designed to lure victims through fake relationships and bogus investment pitches.
Authorities also found internal Prince Group documents that detailed step-by-step guides for scam workers including how to build trust, communicate convincingly, and avoid using profile pictures of women “too beautiful,” to keep the scams believable.
Laundering the Loot with Crypto
Prosecutors say Chen and his network laundered billions in stolen crypto through online gambling platforms, mining operations, and complex blockchain routing schemes.
The group reportedly used two key laundering methods:
- Spraying — rapidly dispersing assets across thousands of wallets to evade tracing.
- Funneling — consolidating funds through intermediary wallets and exchanges before converting them into stablecoins or fiat.
Investigators allege the criminals relied heavily on crypto mixers, OTC brokers, and offshore exchanges, allowing billions in illicit proceeds to flow quietly through the global financial system.
The Big Seizure: 127,000 Bitcoin
In one of the largest crypto confiscations ever recorded, U.S. authorities seized roughly 127,271 Bitcoin valued at over $14 billion from wallets linked to Chen and his associates.
The funds are now held under U.S. jurisdiction, as the DOJ continues to trace the network’s global money-laundering trails.
Where Is Chen Zhi?
Despite the indictment, Chen remains at large. His current whereabouts are unknown, but officials confirm that international efforts are underway to locate and apprehend him.
Meanwhile, the U.S. government has designated Prince Group as a transnational criminal organization, freezing assets and sanctioning associates tied to Chen’s network.
Cambodia’s Growing Crypto Crime Problem
This is not the first time Cambodian tycoons have been linked to crypto-related trafficking networks.
In 2024, the U.S. sanctioned another major business empire led by senator Ly Yong Phat for operating similar crypto scam compounds exploiting trafficked laborers.
Regional experts say Cambodia, Myanmar, Laos, and the Philippines have become hotbeds for cyber-trafficking and crypto fraud, often protected by local corruption and cross-border political shielding.
The Bottom Line
The DOJ’s takedown of Prince Group marks a new chapter in the global war against crypto-enabled crime.
What started as a real-estate and investment empire turned out to be a $14 billion deception machine one that weaponized cryptocurrency, social engineering, and human exploitation on a scale never seen before.
As the hunt for Chen Zhi continues, the case serves as a stark reminder of how crypto innovation can be hijacked by criminal networks, and how the world’s financial watchdogs are stepping up to reclaim the digital frontier.
