In a stunning move against crypto-related crime, the U.S. Department of Justice (DOJ) has seized $15 billion worth of Bitcoin, marking the largest cryptocurrency forfeiture case in history. In coordination with U.K. authorities, the U.S. Treasury has dismantled a sprawling transnational network behind “pig butchering” scams, money laundering, and forced labor operations across Southeast Asia.
At the center of the investigation is the Prince Group Transnational Criminal Organization (TCO), led by Cambodian businessman Chen Zhi, also known as “Vincent.” The group operated a web of shell companies tied to large-scale fraud, extortion, and human trafficking, particularly through its Jin Bei Casino complex in Sihanoukville. U.S. prosecutors have unsealed indictments against Chen Zhi and identified four Bitcoin wallets under his control — together holding over $1.77 billion in BTC.
Another major target of the investigation is the Huione Group, a Cambodian financial services firm accused of laundering over $4 billion in illicit cryptocurrency between 2021 and 2025. According to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), Huione processed an estimated $98 billion in total crypto inflows — funds tied to North Korean cyberattacks, online investment scams, and other criminal enterprises.
The Byex Exchange, sanctioned by the U.K.’s Office of Financial Sanctions Implementation (OFSI), was also found to have facilitated money laundering and scam payments. Chainalysis data reveals Byex directly interacted with Huione and Chen Zhi’s wallets, serving as a key payment processor for Southeast Asia’s scam ecosystem.
In a particularly sophisticated twist, the criminal network also operated a Bitcoin mining operation in Laos under the name Warp Data Technology, funneling freshly mined coins into fraudulent trading platforms. Victims — many from the U.S., Europe, and Asia — were lured through social media into fake crypto investment schemes, losing life savings in what law enforcement calls “industrial-scale fraud.”
The DOJ described the action as
“the largest-ever coordinated enforcement operation targeting crypto-enabled scams in Southeast Asia.”
The historic seizure of 127,000 Bitcoin highlights how far law enforcement’s blockchain-tracing capabilities have evolved and sends a clear message: cryptocurrency is no longer a safe haven for organized crime.
“This case proves that crypto is not beyond the reach of justice,” said a DOJ spokesperson. “Our partnerships with global authorities show that even the most complex laundering networks can be dismantled.”
The crackdown also signals a new era for compliance in the crypto industry. Exchanges and payment providers are being urged to screen transactions for links to sanctioned entities, monitor for “pig butchering” patterns, and maintain strict due diligence procedures.
With billions still unaccounted for and investigations expanding into neighboring countries, the $15 billion Bitcoin seizure may just be the beginning. For Southeast Asia, it marks a defining moment — where the region’s booming crypto markets meet the full force of international law enforcement.
Sources:
- Chainalysis: DOJ Seizes $15 Billion in Bitcoin as U.S. and U.K. Target Massive Southeast Asian Crypto Scam Network
- USA DOJ: U.S. and U.K. Take Largest Action Ever Targeting Cybercriminal Networks in Southeast Asia
- Global Human Rights – Financial Sanctio Notice (PDF)