Cambodian Tycoon Indicted in $15B Crypto Scam Operation

Massive Forced Labor Scam Compounds Uncovered

In a landmark case that exposes the dark underbelly of cryptocurrency fraud, Cambodian national Chen Zhi, also known as Vincent, has been indicted for operating what authorities describe as one of the largest forced-labor scam operations in history. The 37-year-old founder and chairman of Prince Holding Group faces charges of wire fraud conspiracy and money laundering conspiracy for directing a criminal enterprise that allegedly stole billions from victims worldwide through sophisticated cryptocurrency investment schemes.

Historic $15 Billion Bitcoin Seizure

The U.S. Department of Justice has filed the largest forfeiture action in its history, targeting approximately 127,271 Bitcoin worth an estimated $15 billion. These funds, currently in U.S. government custody, represent proceeds from what prosecutors call industrial-scale pig butchering scams that targeted victims across the United States and globally.

"Today's action represents one of the most significant strikes ever against the global scourge of human trafficking and cyber-enabled financial fraud," said Attorney General Pamela Bondi and Deputy Attorney General Todd Blanche in a joint statement. "By dismantling a criminal empire built on forced labor and deception, we are sending a clear message that the United States will use every tool at its disposal to defend victims, recover stolen assets, and bring to justice those who exploit the vulnerable for profit."

Prison-Like Compounds and Forced Labor

According to court documents, Prince Group operated multiple forced-labor compounds across Cambodia where hundreds of workers were held against their will in prison-like conditions. These compounds, surrounded by high walls and barbed wire, functioned as violent labor camps where individuals were forced to carry out cryptocurrency investment fraud schemes under threat of violence.

The indictment alleges that Chen Zhi maintained detailed records of each compound's operations, including ledgers tracking profits and which fraudulent schemes were run from specific rooms. Evidence includes photographs depicting beatings and other methods of torture used against workers who attempted to resist or escape.

Sophisticated Pig Butchering Operations

The criminal enterprise employed what's known as pig butchering scams, where perpetrators build trust with victims through social media and messaging apps before convincing them to invest in fraudulent cryptocurrency platforms. The schemes generated enormous profits, with some estimates suggesting the operation made up to $30 million per day at its peak.

"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. for the Eastern District of New York. "Prince Group's investment scams have caused billions of dollars in losses and untold misery to victims around the world."

International Cooperation and Sanctions

In a coordinated international effort, the U.S. Treasury Department has designated Prince Group as a transnational criminal organization and imposed sanctions against Chen Zhi and over 100 associated individuals and entities. The United Kingdom has also announced sanctions and frozen Prince Group assets, including London properties.

The case represents growing international concern about the proliferation of cryptocurrency fraud operations based in Southeast Asia. According to the FBI's Internet Crime Complaint Center, cryptocurrency investment fraud caused more than $5.8 billion in reported losses in 2024 alone.

Chen Zhi remains at large and faces up to 40 years in prison if convicted. The investigation continues as authorities work to dismantle the extensive criminal network that spanned more than 30 countries.