US and UK Seize $14 Billion in Bitcoin in Historic Crackdown on Global Crypto Scam Network

In a landmark joint operation, the United States and the United Kingdom have seized over $14 billion (£10.5 billion) in bitcoin and charged Chen Zhi, the founder of the Cambodia-based Prince Group, with orchestrating one of the largest cryptocurrency scams in history.

Chen, a dual UK and Cambodian national, was indicted on Tuesday in New York on charges of wire fraud conspiracy and money laundering. The US Department of Justice (DOJ) has described the case as “one of the biggest financial takedowns in history” and confirmed that approximately 127,271 bitcoin are now in US government custody—the largest such seizure to date.

Chen remains at large and is accused of leading a “sprawling cyber-fraud empire” under the guise of his multinational conglomerate, the Prince Group. While the group’s official website cites interests in real estate, finance, and consumer services, the DOJ alleges it operates as one of Asia’s largest transnational criminal networks.

According to prosecutors, unsuspecting individuals were targeted online and deceived into investing in fraudulent crypto schemes. Under Chen’s direction, at least ten scam compounds were reportedly established across Cambodia to execute the fraud at scale.

Court documents reviewed by the BBC reveal that Chen and his associates collected millions of phone numbers and operated “phone farms” — rooms filled with hundreds of mobile devices — to run scam call centres. Two facilities alone allegedly used 1,250 phones to control around 76,000 social media accounts.

Internal documents from Prince Group allegedly contained training material advising workers on how to gain victims’ trust, including suggestions not to use profile pictures that were “too beautiful” to appear more credible.

Assistant Attorney General for National Security John A. Eisenberg described the organisation as a “criminal enterprise built on human suffering”, highlighting that trafficked workers were held in compound-like facilities and forced to perpetrate online fraud under harsh conditions.

The illicit proceeds were reportedly used to fund luxury lifestyles, including expensive watches, private jets, and rare artworks—one of which was a Picasso painting acquired from a New York auction house.

If convicted, Chen could face up to 40 years in prison.

In the UK, authorities have frozen assets linked to Chen and his associates, including 19 London properties. Among them is a central London office building valued at nearly £100 million and a £12 million North London mansion.

Sanctions have been imposed on Chen and the Prince Group by both the US and UK governments, effectively barring them from accessing financial systems. The UK’s Foreign Secretary Yvette Cooper stated: “Together with our US allies, we are taking decisive action to combat the growing transnational threat posed by this network – upholding human rights, protecting British nationals and keeping dirty money off our streets.”

Cooper added that those involved were “ruining the lives of vulnerable people and buying up London homes to store their money.”

Four companies allegedly tied to the network—Prince Group, Jin Bei Group, Golden Fortune Resorts World, and Byex Exchange—have also been sanctioned.

The UK Foreign Office further stated that Chen’s network built casinos and compounds used for scam operations and to launder criminal proceeds. Two of the named scam centres were previously referenced in an Amnesty International report detailing forced labour and torture in Cambodian scam operations.

Many of the workers at these scam centres are said to be foreign nationals, deceived with promises of legitimate employment before being coerced into participating in online fraud under threat of violence.

According to the UK government, these fraudulent operations function “on an industrial scale”, including within the UK, and often exploit victims through tactics like fake romantic relationships.

Fraud Minister Lord Hanson underscored the severity of the crimes: “Fraudsters prey on the most vulnerable by stealing life savings, ruining trust, and devastating lives. We will not tolerate this.”