On October 14, 2025, the U.S. Department of Justice announced criminal charges against Chen Zhi, the chairman of the Prince Group, accusing him of telecommunications fraud, money laundering, and forced labor crimes among other charges. The indictment was released by the Office of the U.S. Attorney for the Eastern District of New York, stating that Chen Zhi (aged 37) is the mastermind behind this transnational fraud empire, operating "fraud parks" across Cambodia since 2015, detaining and forcing tens of thousands of people to engage in cryptocurrency investment scams (commonly known as "pig butchering"). These fraudulent operations have caused billions of dollars in financial losses worldwide, with victims including at least 250 U.S. citizens. Chen Zhi is currently a fugitive, not captured by U.S. authorities.
Concurrently with the criminal prosecution, the U.S. Department of Justice's National Security Division has applied to the court to seize Chen Zhi's large assets: approximately 127,271 bitcoins (currently valued at about $15 billion). According to the indictment, these bitcoins were originally stored in a non-custodial crypto wallet controlled by Chen Zhi's private keys, and are now seized by the U.S. government. Assistant Attorney General John Eisenberg stated that this is the largest seizure action in the history of the U.S. Department of Justice. This move demonstrates the U.S.'s attempt to economically cut off the financial chain of the Prince Group completely, and is the most notable asset deprivation measure in this case.
🔵OFAC Announces Latest Sanctions List Against Transnational Criminal Organizations (TCO)
🔵【Original Lazy Pack】US Government Has Taken Over 120,000 Bitcoins of Prince Group, Chen Zhi Flees
This article cites Telegram: PASA Gambling Depth
