US DOJ Seizes $15B in Bitcoin from Cambodia Crime Syndicate

DOJ Executes Record $15B Bitcoin Seizure

In a historic enforcement action, the U.S. Department of Justice (DOJ) has seized roughly $15 billion worth of Bitcoin (127,271 BTC) from a Cambodia-based cyber-fraud syndicate, marking the largest cryptocurrency forfeiture in the agency’s history.

According to an indictment unsealed in New York on Oct. 14, 2025, U.S. prosecutors allege the criminal network was run by Chen Zhi, also known as “Prince Chen” or “Vincent”, the chairman of the Prince Holding Group - one of Cambodia’s most prominent conglomerates.

Chen and several associates face charges of wire fraud conspiracy and money laundering tied to sprawling forced-labor compounds that powered a network of “pig-butchering” scams defrauding victims across the globe.

Prince Chen’s Forced-Labor Empire

The DOJ’s investigation revealed that Chen’s organization masqueraded as a real estate and finance conglomerate while secretly operating scam compounds across Cambodia. Thousands of victims, many trafficked from neighboring countries, were held captive and forced to work under threats, violence, and wage confiscation.

The detainees were coerced into running romance and investment scams, impersonating online traders to lure unsuspecting victims into fraudulent crypto investments. These “pig-butchering” schemes often resulted in massive financial losses for victims in the U.S., Europe, and Asia.

The U.S. Treasury Department, working alongside the DOJ, has now designated Prince Group as a transnational criminal organization, while the U.K. government has imposed sanctions on Chen and his affiliates.

Tracing Billions Across the Blockchain

According to court filings, the DOJ traced 127,271 BTC through thousands of blockchain addresses, uncovering a sophisticated laundering operation designed to obscure the funds’ criminal origins. 

Investigators identified unhosted wallets controlled by Chen’s network, which were then consolidated into a smaller number of addresses - now under U.S. government custody pending final forfeiture proceedings.

The unprecedented size of the seizure has captured the attention of the crypto community. Prominent on-chain analyst ZachXBT noted that the wallets involved appeared in his “Milky Sad” report two years ago, which flagged vulnerable private keys.

A Coordinated Global Crackdown

The operation was the result of months of cooperation between the DOJ, U.K. authorities, and regulators in the Isle of Man, marking an increasingly coordinated effort to dismantle Southeast Asia’s crypto-human trafficking networks.

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) also recently sanctioned dozens of scam centers across the region, emphasizing the U.S. government’s growing focus on crypto-related exploitation.

Officials say Chen remains at large, though an international warrant has been issued. If captured and convicted, he faces up to 40 years in prison for fraud and money laundering.

The DOJ has stated that the confiscated Bitcoin will remain under secure federal custody until the conclusion of the forfeiture process, after which the proceeds could be used to support victim restitution efforts.

The Largest Seizure in DOJ History

This record-breaking $15 billion forfeiture surpasses all previous crypto seizures, including the 2022 Silk Road Bitcoin case and the Bitfinex hack recovery.

It also signals the DOJ’s evolving ability to trace and recover digital assets, even from sophisticated, multinational criminal networks.

The case underscores how crypto transparency and blockchain analytics are becoming powerful tools in international law enforcement, transforming digital assets from havens for crime into evidence against global syndicates.