The United States has carried out the largest digital asset seizure in its history — over 127,000 bitcoins, with a market value of approximately $15 billion, according to an official statement from the US Department of Justice (DOJ), reports Minfin.
The operation marks a key episode in a sweeping investigation targeting Chen Zhi, also known as Vincent — a Cambodian businessman accused of orchestrating a transnational network of forced labor, large-scale fraud, and crypto-related crimes.
Bitcoins as evidence of crime
A civil forfeiture complaint covering 127,271 BTC was filed against Chen Zhi, founder of Prince Holding Group, a conglomerate spanning real estate, finance, and logistics.
According to the DOJ, behind a façade of legitimate business operations, Chen created a network of labor camps in Cambodia, where people were held against their will and forced to work on massive scam operations.
Authorities describe these sites as fortified compounds with barbed wire, where hundreds of individuals carried out online fraud schemes — most notably the infamous “pig butchering” scams.
Victims were contacted through social media and messaging apps, drawn into emotional relationships, and then persuaded to “invest” in fake crypto projects. The stolen funds were quickly converted to bitcoin and laundered through complex, multi-tiered blockchain transactions.
The digital accounting of a global scam
Investigators discovered that Prince Group maintained detailed records for each camp — tracking profits, specific scam types, and operational data down to the room level.
The criminal network also relied on “phone farms” — automated call centers with hundreds of devices running around the clock to target victims worldwide.
The laundered bitcoins were used to purchase private jets, yachts, luxury properties, and fine art.
According to DOJ sources, Chen even bought a Pablo Picasso painting in New York, financed entirely by proceeds from crypto fraud.
The most significant crypto case in US history
The DOJ confirmed that the seized bitcoins are now under government custody.
Simultaneously, the US Treasury Department imposed sanctions on Prince Group, designating it a transnational criminal organization. The United Kingdom has joined the sanctions effort as well.
If apprehended and convicted in the United States, Chen Zhi faces up to 40 years in prison. He remains at large and is wanted internationally.
A precedent reshaping the crypto world
This historic seizure marks a turning point for the global crypto industry.
It proves two key points:
- Governments can trace even the most sophisticated blockchain transactions.
- The crackdown on crypto-enabled criminal enterprises is now irreversible.
The Department of Justice called the operation “the largest asset confiscation in the digital history of the United States” — a powerful reminder that even in blockchain, anonymity does not mean impunity.
Info: minfin.com.ua