In one of the biggest financial busts ever, authorities in the US and the UK have seized around $15 billion in Bitcoin held in cryptocurrency wallets linked to a massive international scam on Tuesday, 14th October. The accused behind the mastermind is Chen Zhi, the chairman of a huge Cambodian company called the Prince Group. He’s been charged with serious crimes like wire fraud and money laundering.
The whole operation was a type of scam called “pig butchering.” It gets its name because the criminals act like farmers “fattening up a pig for slaughter.” They spend weeks or even months building trust and an emotional connection with their victims online. Once the victim trusts them, they convince them to invest cryptocurrency into fake platforms, promising huge profits. Then, they suddenly disappear, stealing all the money.
$15 BILLION in bitcoin seized.
— FBI Director Kash Patel (@FBIDirectorKash) October 15, 2025
One of the biggest financial fraud takedowns ever — a global criminal network built on forced labor, money laundering & deception.
This FBI took down their empire. pic.twitter.com/tFXqlG2w8G
UK and Cambodian national Chen Zhi was charged on Tuesday in New York for the fraud. The 38-year-old born in China, also known as “Vincent,” remains at large. His businesses have also been sanctioned by the US and the UK as part of a joint operation, and the US govt has designated Prince Group as a transnational criminal organization. UK government has frozen assets owned by his network in the country, including 19 properties in London – one of which is worth nearly £100m ($133m).
The US government is holding approximately 127,271 bitcoins seized from the operation, which is valued at around 1,26,163.74 crore in Indian Rupee.
This wasn’t a small operation, US officials have called it a “sprawling cyberfraud empire.” US prosecutors said it was one the biggest financial takedowns in history and the largest ever seizure of bitcoin.
The Prince Group, while pretending to be a normal company with businesses in real estate and finance, secretly built at least 10 “scam compounds” in Cambodia. They trafficked workers who were housed in vast dormitories surrounded by high walls and barbed wire and forced to carry out these online scams against their will. If they refused or didn’t meet their targets, they were often beaten or threatened with violence.
The scale was truly industrial, called ‘one of the largest investment fraud operations in history’ by the authorities. The scammers used “phone farms” to contact victims through social media. Only two of the 10 facilities had 1,250 mobile phones that controlled more than 76,000 fake social media accounts. They were even given tips on how to be more believable, such as using profile pictures of women who were “not too beautiful” to seem more genuine. At its peak, the scam was reportedly making over $30 million a day.
Chen Zhi and his partners were allegedly living in extreme luxury. The UK has frozen 19 properties in London worth over £130 million as part of the joint investigation. They used the stolen money to buy private jets, a mansion in London worth over £12 million.
Now, the Prince Group has been officially labelled as a “transnational criminal organisation” by the US, and heavy sanctions have been placed on it. Chen Zhi is currently on the run, if he is caught and convicted, he could face up to 40 years in prison.
