U.S. prosecutors unsealed an indictment charging Prince Group chairman Chen Zhi with wire-fraud and money-laundering conspiracies, alleging he directed forced-labor “scam compounds” across Cambodia that ran large-scale “pig-butchering” romance and investment frauds. Victims were groomed online, coaxed into moving funds into crypto wallets, and the proceeds were allegedly laundered through a lattice of front companies and online gambling platforms to mimic legitimate betting flows.

As part of the crackdown, the Justice Department filed what it called the largest-ever forfeiture action against cryptocurrency in U.S. history: approximately 127,271 bitcoin now in government custody, worth about $14–15 billion depending on market prices. Authorities say these wallets were controlled by the network; Chen remains at large. If convicted, he faces a statutory maximum of up to 40 years in prison.

What Investigators Say Happened Inside the “Scam Compounds”

According to U.S. filings and contemporaneous reporting, trafficked workers were allegedly held under coercion, beaten, and forced to operate scripted online personas that lured targets into fake romances and “can’t-miss” crypto investments. The operation allegedly generated massive daily takings that were cycled through casinos and payment rails to obfuscate origin, a pattern investigators say fits the playbook of Southeast Asia’s industrialized cyber-fraud hubs.

British and American authorities coordinated sanctions on Chen and a broad constellation of associated people and entities, designating the Prince Group as a transnational criminal organization. The U.S. Treasury’s OFAC listed 146 targets, while FinCEN simultaneously moved to sever related financial conduits steps meant to box the network out of the Western financial system.

Assets Frozen in London and a Crypto Exchange Named

In the U.K., officials announced asset freezes hitting luxury London real estate, including a £12 million mansion on Avenue Road and a £100 million office building on Fenchurch Street. The press notice also named Byex Exchange as an affiliated crypto platform targeted under the measures, alongside entities linked to casino and “technology park” developments used to mask alleged scam activity.

The cross-border action underscores how law-enforcement bodies are increasingly pairing criminal forfeiture with financial sanctions to disrupt crypto-enabled fraud at scale. While authorities say they now control the suspect bitcoin trove, court proceedings and international manhunts continue with Chen still not in custody as of October 14, 2025.

Source: https://www.gov.uk/government/news/uk-and-us-take-joint-action-to-disrupt-major-online-fraud-network