On October 14, 2025, the U.S. Department of Justice announced charges against Prince Group chairman Chen Zhi and a civil forfeiture action targeting approximately 127,271 bitcoin. DOJ valued the bitcoin at about $15 billion at the time; the Associated Press described it as more than $14 billion. Those are dated dollar estimates, not the number of coins or their current value. The charges and forfeiture complaint are allegations, not a conviction or final forfeiture judgment.
What the U.S. action involved
The Department of Justice said an indictment was unsealed in federal court in Brooklyn, New York, charging Chen Zhi, also known as Vincent, with wire-fraud conspiracy and money-laundering conspiracy. On the same day, the U.S. Attorney’s Office for the Eastern District of New York and DOJ’s National Security Division filed a civil forfeiture complaint seeking approximately 127,271 bitcoin. Prosecutors said the coins were proceeds and instrumentalities of alleged fraud and money laundering and were held in unhosted cryptocurrency wallets whose private keys Chen possessed. These are claims made by prosecutors, not findings of guilt. DOJ’s October 14, 2025 announcement describes the charges and complaint.
The United Kingdom said it coordinated action with the United States against Prince Group and Chen on October 14, 2025, including sanctions. That is related enforcement context; it is separate from the U.S. criminal charges and civil forfeiture case. The UK government’s announcement outlines its action.
Why reports used both $14 billion and $15 billion
The most concrete quantity is approximately 127,271 BTC. DOJ estimated that amount was worth approximately $15 billion on October 14, 2025; AP’s contemporaneous headline called it more than $14 billion. The estimates do not describe different numbers of bitcoin. They express the value of the same quantity in dollars at the time of reporting, and the dollar value changes with the market price. Neither figure should be read as a current valuation. AP’s October 14, 2025 report used the more-than-$14-billion figure.
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AP also reported a separate Treasury estimate: Southeast Asia-based scams caused at least $10 billion in losses in 2024, a 66% increase over 2023. That is a broad estimate of scam losses, not a measure of losses in the Prince Group case or the value of the bitcoin at issue.
What prosecutors allege
Prosecutors allege that Prince Group operated forced-labor scam compounds in Cambodia and that people held there were made to carry out cryptocurrency investment fraud. DOJ says the bitcoin sought in the forfeiture case was connected to fraud and money laundering. The indictment and complaint state the government’s allegations; the charges have not, by themselves, established that Chen is guilty or that the bitcoin is forfeited.
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FBI Assistant Director in Charge Raia described the allegations this way in DOJ’s announcement: “Chen Zhi, the chairman of Prince Group, a transnational criminal organization, allegedly orchestrated an international cryptocurrency investment fraud scheme and labor trafficking network to steal billions of dollars from thousands of victims.” The word “allegedly” is important: this is an official statement about accusations, not a court finding. DOJ’s release includes the statement.
Has the bitcoin been forfeited?
Not according to the latest court posture described in the available September 2026 order. The government filed a civil action seeking forfeiture; that is not the same as a final judgment transferring ownership. The order describes an ongoing dispute over whether the bitcoin should be forfeited to the United States or distributed to creditors or claimants. The September 2026 court order addresses the case’s posture.
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A separate September 25, 2026 order discussed claimant motions and the tracing issue in this case. The court said that alleging a loss from a Prince Group fraud, without more, did not plausibly trace a claimant’s property to the particular wallets at issue. That addresses what claimants must connect to the property in this forfeiture case; it does not decide that victims will receive no recovery or set a final distribution plan. The order notes that victims may seek remission if the government prevails, subject to the applicable process. The court’s September 25, 2026 order discusses the claimant issue.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What this means for victims
The forfeiture case does not establish that victims will be repaid, when any recovery might occur, or how much they could receive. A victim’s alleged loss alone did not satisfy the tracing issue described in the September 25, 2026 order. The order mentions remission as a possible route if the government wins, but any application would be subject to the relevant process; it is not a promise of payment.
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