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U.S. prosecutors unsealed charges on October 14, 2025, against Chen Zhi—also known as Vincent—founder and chairman of Cambodia-based Prince Holding Group. The indictment alleges that he directed forced-labor compounds where workers were made to run cryptocurrency “pig-butchering” scams against victims worldwide.
At the same time, the Justice Department filed a civil forfeiture complaint involving approximately 127,271 Bitcoin. DOJ valued the Bitcoin at about $15 billion in its announcement; a later DOJ financial report valued the same assets at roughly $8 billion at the time of seizure. The difference reflects Bitcoin’s changing price and valuation dates—not necessarily a difference in the number of coins.
Chen has been charged, not convicted. The allegations must be proven in court, and he is presumed innocent unless and until a jury finds him guilty.
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- Defendant: Chen Zhi, also known as Vincent, a Cambodian national and founder of Prince Holding Group.
- Charges: Conspiracy to commit wire fraud and conspiracy to commit money laundering.
- Location: U.S. federal court in Brooklyn, New York.
- Alleged operation: Workers in at least 10 Cambodian compounds were allegedly coerced into conducting cryptocurrency investment fraud.
- Asset action: DOJ filed a civil forfeiture complaint concerning approximately 127,271 BTC held in unhosted wallets.
- Status: The criminal charges and forfeiture allegations remain unresolved in court.
The Justice Department’s announcement said the case combined a large cyber-enabled fraud investigation with allegations of human trafficking, money laundering and international sanctions violations.
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How the alleged “pig-butchering” scam worked
According to the indictment and forfeiture complaint, the alleged network recruited or obtained workers and placed them in compounds across Cambodia. Prosecutors say some workers were held against their will or subjected to coercive conditions. They allegedly were not simply voluntary online fraudsters; they were used as labor to carry out the deception.
The workers’ assigned method followed the pattern commonly called pig butchering:
- Contact a target through social media, messaging apps or another online channel.
- Build trust over time, sometimes through a supposed friendship or romance.
- Introduce a cryptocurrency or other investment opportunity.
- Direct the target to a fake platform, account or trading interface that made deposits appear profitable.
- Demand additional transfers when the victim tried to withdraw money, citing taxes, fees, losses or account problems.
The term describes prolonged grooming before a victim is pressured to send increasingly large amounts. Prosecutors allege the scheme targeted people in the United States and other countries and, at its peak, could generate as much as $30 million per day. That daily figure is an allegation in the indictment, not an independently verified revenue measurement.
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Why forced labor is central to the case
This is not only a cryptocurrency-fraud prosecution. The government’s theory is that the fraud depended on a labor system in which people were trapped or threatened and then compelled to deceive victims. That distinction matters: workers physically present in a scam compound may themselves have been trafficking or labor-abuse victims rather than willing participants.
The indictment also alleges political protection, bribery and the use of Prince Group’s business relationships to support the operation. Those claims have not been tested at trial.
What happened to the Bitcoin?
The government says the approximately 127,271 BTC was held in “unhosted” wallets—wallets not operated by a cryptocurrency exchange—and that private keys were allegedly under Chen’s control. DOJ said the Bitcoin was already in U.S. government custody when it announced the case.
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Legally, however, this was not a completed criminal confiscation. DOJ filed a civil forfeiture complaint, asking a court to determine whether the specified assets are forfeitable as proceeds or instrumentalities of fraud and money laundering. A complaint is the government’s claim; it is not itself a final judgment that every coin is criminally tainted.
Why the dollar figures differ
| Reference | Bitcoin amount | Reported value | What it means |
|---|---|---|---|
| DOJ announcement, Oct. 14, 2025 | Approximately 127,271 BTC | About $15 billion | Value around the public announcement |
| Later DOJ financial report | Approximately 127,271 BTC | About $8 billion | Value at the time of seizure |
Bitcoin trades continuously, so a fixed coin quantity can produce very different headline values. Neither figure should be read as the total amount proven stolen from victims. The alleged victim losses, the value of assets subject to forfeiture and the eventual value when sold or distributed are separate questions.
Primary documents are the civil forfeiture complaint and the DOJ fiscal-year 2025 financial report.
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The alleged laundering network
Prosecutors allege that proceeds moved through professional laundering networks and through companies connected to Prince Group. The complaint and indictment describe alleged use of:
- Cryptocurrency wallets and international payment channels;
- Online gambling businesses;
- Cryptocurrency-mining operations, allegedly funded in part with stolen money;
- Real-estate and other commercial enterprises that appeared legitimate; and
- Intermediaries who converted or layered funds to obscure their origin.
The indictment also cites luxury spending that allegedly included watches, yachts, private aircraft, vacation homes, collectibles, rare artwork and a Picasso purchased through a New York auction house. Whether any particular item is ultimately forfeited depends on evidence and court proceedings.
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Three government measures are related but legally distinct:
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- Criminal indictment: Accuses Chen of federal wire-fraud and money-laundering conspiracies. If convicted on the charged offenses and applicable sentencing rules, he could face up to 40 years in prison.
- Civil forfeiture: Seeks ownership of identified property allegedly connected to crime. Interested parties may have opportunities to file claims, and a court must resolve the government’s case.
- OFAC sanctions: Block property under U.S. jurisdiction and generally prohibit U.S. persons from dealing with designated people and entities. Treasury designated Prince Group as a transnational criminal organization; later DOJ testimony referred to 146 connected targets.
The United Kingdom announced related sanctions. Singapore authorities later reported seizing or restricting more than S$150 million (about US$115 million) in a related investigation, and Taiwan also pursued related arrests and asset actions. These regional measures do not establish Chen’s guilt in the U.S. criminal case.
What victims should—and should not—assume
The government’s custody of Bitcoin does not automatically mean victims will be repaid. Distribution would normally require forfeiture litigation, identification of eligible claimants, tracing and a later court-approved process. The 127,271 BTC is not necessarily traceable coin-for-coin to every individual loss, and its market value can change before any disposition.
People who believe they were defrauded should preserve transaction records, wallet addresses, messages, bank and exchange statements, and reports already made to law enforcement. They should be wary of anyone promising guaranteed recovery in exchange for an upfront fee; only official court or agency notices establish a legitimate claims process.
What happens next
The criminal prosecution must proceed separately from the forfeiture case. Prosecutors would need to bring Chen before the court and prove the charges beyond a reasonable doubt. The civil case requires the government to establish that the property is forfeitable, while other people or entities may assert ownership interests.
Until those proceedings are resolved, the most accurate description is this: U.S. authorities have charged a prominent Cambodian executive and are seeking forfeiture of a very large Bitcoin holding that they allege is tied to a forced-labor scam network. The charges are allegations, the forfeiture is not yet a final judgment, and the dollar value depends on the date used.
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