Key Takeaways
- Largest Bitcoin Seizure in U.S. History: Federal prosecutors seized $15 billion worth of bitcoin connected to a massive “pig butchering” scam led by Cambodia-based Prince Holding Group.
- Criminal Empire Exposed: Chen Zhi, also known as “Vincent,” is accused of running a forced-labor crypto scam operation that generated up to $30 million per day through fraudulent investment and romance schemes.
- U.S. Sends Strong Message on Financial Crime: The Trump administration and the DOJ are reaffirming America’s commitment to law, order, and financial integrity — showing that even the most sophisticated global crypto crimes will face U.S. justice.
In what the Department of Justice is calling the largest forfeiture action in U.S. history, federal prosecutors have seized $15 billion worth of bitcoin tied to a sprawling international “pig butchering” scam — a crypto fraud network that allegedly combined romance scams, investment fraud, and human trafficking.
The indictment, unsealed Tuesday in the Eastern District of New York, charges Chen Zhi, known as “Vincent,” the 37-year-old leader of Cambodia-based Prince Holding Group, with orchestrating the vast criminal enterprise. Zhi remains at large, and prosecutors say his organization ran forced-labor compounds where workers were trafficked, beaten, and coerced into luring unsuspecting victims into fraudulent cryptocurrency schemes.
“As alleged, the defendant directed one of the largest investment fraud operations in history, fueling an illicit industry that is reaching epidemic proportions,” said U.S. Attorney Joseph Nocella, Jr.
Court filings reveal that Zhi’s company generated up to $30 million per day at its peak by targeting victims worldwide through fake online relationships and investment opportunities. The group laundered stolen funds through unhosted digital wallets, allowing operators to move money without oversight.
The 127,271 bitcoins, now in U.S. custody, were held in wallets tied to Zhi — a staggering sum that underscores the scale of modern financial crime in the digital age. The Treasury Department has since designated Prince Group a “transnational criminal organization” and imposed sanctions on Zhi and his associates.
“This is an individual who allegedly operated a vast criminal network across multiple continents involving forced labor, money laundering, investment schemes, and stolen assets targeting millions of innocent victims,” said FBI Director Kash Patel, calling it “one of the largest financial fraud takedowns in history.”
The operation represents a decisive step in reasserting U.S. dominance in global financial enforcement. While digital currencies have fueled innovation and opportunity, the Trump administration has made clear that lawlessness — even on the blockchain — will not stand. The message is simple: crime, no matter how sophisticated, won’t outrun American justice.