Bitcoin Worth $14bn Seized in US-UK Crackdown on Alleged Scammers
US and UK authorities seized $14bn worth of bitcoin in a joint crackdown on a massive cryptocurrency scam masterminded by Chen Zhi, involving forced labor camps and cyber fraud.
In what has been described as one of the largest financial takedowns in history, the US government has seized more than $14 billion worth of bitcoin as part of a high-profile Bitcoin seizure scam crackdown. The alleged mastermind behind the scam is Chen Zhi, the founder of the Prince Group, a Cambodian business empire. The operation involved forced labor camps and targeted vulnerable individuals with false promises of high returns on cryptocurrency investments. The takedown was a joint effort between US, UK, and Cambodian authorities, marking a significant milestone in the fight against global cyber fraud.
This monumental bust was reported by the BBC, which broke the news on October 2025. The BBC’s investigation and coverage provided crucial details on the operation, the key players involved, and the scale of the scam that spanned multiple countries.
Seizure of $14 Billion in Bitcoin: The Largest Ever
US prosecutors revealed that this operation led to the largest ever seizure of bitcoin, with the US government confiscating approximately 127,271 bitcoin, which, at the time of the seizure, was valued at more than $14 billion. The authorities are calling this one of the most significant financial takedowns in history, targeting a sprawling cyber-fraud empire linked to one of Asia’s largest transnational criminal organizations.
Chen Zhi, a dual Cambodian and UK national, has been charged with wire fraud conspiracy and money laundering. He is accused of running an elaborate and large-scale scam under the guise of his multi-national business conglomerate, the Prince Group. The scam reportedly reached as far as Cambodia, but its ripple effects were felt globally.
How the Scam Operated
According to the US Department of Justice (DOJ), the Prince Group ran a vast online scam operation that tricked unsuspecting victims into transferring cryptocurrency. Promises of high returns and lucrative investments lured people into investing their money in what was ultimately a fraudulent scheme.
The scammers, operating under the Prince Group, convinced victims that their funds would be invested and would generate profits. However, these funds were never invested, and instead, they were siphoned off into the pockets of those behind the scam.
The scam’s victims were often contacted online and manipulated into transferring their cryptocurrency into accounts controlled by the fraudsters. The group allegedly used a variety of tactics to make the scam seem more legitimate, including offering fake “investment opportunities” and using social media accounts to build trust with their victims.
Forced Labor Camps: The Darker Side of the Scam
The DOJ alleges that under Chen Zhi’s direction, the Prince Group not only ran scams online but also operated at least ten scam compounds throughout Cambodia. These compounds were essentially forced labor camps where victims were held against their will. They were coerced into working long hours to facilitate the scam, often under grueling conditions.
The US authorities highlighted the fact that these camps were set up specifically to reach as many potential victims as possible. The scam compounds were strategically located in Cambodia to maximize their reach across the region and beyond.
Chen Zhi’s network also allegedly set up “phone farms” — facilities designed to manage and manipulate thousands of fake social media profiles used to gain victims’ trust. In two of these facilities, over 1,250 mobile phones were used to control around 76,000 social media accounts. These accounts were used to convince victims that they were dealing with legitimate individuals or companies, thereby tricking them into handing over their money.
A Coordinated Effort Between US, UK, and Cambodian Authorities
The takedown of the Prince Group’s operations was a result of years of collaboration between authorities in the US, UK, and Cambodia. In addition to the massive bitcoin seizure, the UK government has frozen assets tied to Chen Zhi and his network, including 19 properties in London. One of these properties is reportedly worth nearly £100 million ($133 million), highlighting the immense wealth accumulated through these illegal activities.
In the UK, the government’s sanctions against Chen Zhi’s businesses have included a freeze on assets, including luxury real estate holdings. The coordinated action between the US and UK governments serves as a warning to criminals using cryptocurrencies to fund illegal activities, with authorities showing they are prepared to act decisively.
The Prince Group and Chen Zhi: A Criminal Empire
The Prince Group, which has its headquarters in Cambodia, was initially known for its legitimate business ventures, including property development, financial services, and consumer goods. However, the DOJ has now labeled it as one of the largest transnational criminal organizations in Asia. The group’s operations allegedly went far beyond legitimate business, with Chen Zhi using his position to mastermind a global scam network that targeted individuals across Asia and beyond.
The FBI and other international law enforcement agencies have warned that this case underscores the increasing dangers of cryptocurrency-based fraud. Unlike traditional financial crimes, which can be tracked through conventional means, cryptocurrency scams present unique challenges due to the anonymous and decentralized nature of digital currencies.
The Ongoing Investigation and Chen Zhi’s Whereabouts
Despite the seizure of assets and the charges laid against him, Chen Zhi remains at large. The authorities are actively searching for him, but his current whereabouts are unknown. The investigation is ongoing, and more details are expected to emerge as law enforcement agencies continue their work.
In the meantime, the US and UK governments continue to work together to dismantle the Prince Group’s operations, with additional arrests and asset freezes possible as more individuals connected to the organization are identified.
The BBC’s Role in Exposing the Scam
The BBC has been instrumental in breaking the news of this unprecedented seizure and exposing the scale of the scam. Their investigation into the Prince Group and its operations has shed light on the complex web of fraud that spanned multiple countries and involved both online deception and forced labor.
By uncovering the details of this large-scale scam, the BBC has played a crucial role in bringing the story to the public’s attention, helping to highlight the risks associated with cryptocurrency and the potential for criminal organizations to exploit digital currencies for illicit purposes.
Conclusion
The seizure of $14 billion worth of bitcoin and the exposure of the Prince Group’s global scam represents a significant victory for law enforcement in the fight against cryptocurrency fraud. The scale of this operation serves as a reminder of the need for increased vigilance when it comes to cryptocurrency investments, especially given the rise in online fraud and cybercrime. As investigations continue and more details come to light, the world will be watching closely to see the full extent of the Prince Group’s criminal activities and the eventual fate of its elusive mastermind, Chen Zhi.
This operation marks a new chapter in the global effort to combat financial crime in the digital age, with authorities from multiple nations stepping up their efforts to tackle the dangers posed by criminal organizations exploiting cryptocurrencies for fraud.
