Massive Bitcoin Seizure: $14 Billion Linked to Cryptocurrency Scammers

Wed Oct 15 2025 17:14:45 GMT+0300 (Eastern European Summer Time)

In a historic crackdown, US authorities have charged a Cambodian national with leading a vast cryptocurrency fraud scheme, resulting in the seizure of over $14 billion worth of Bitcoin.

The US government has executed a significant operation leading to the seizure of more than $14 billion in Bitcoin linked to alleged scams masterminded by Chen Zhi, a Cambodian businessman. Accused of orchestrating a wire-fraud conspiracy and running a money laundering operation, Chen remains at large as the authorities work to dismantle his network, which has been sanctioned by both the US and UK governments. This case represents one of the largest financial takedowns involving cryptocurrency in history.

The US government has seized over $14bn (£10.5bn) in bitcoin and charged the founder of a Cambodian business empire with allegedly masterminding a massive cryptocurrency scam.

UK and Cambodian national Chen Zhi was charged on Tuesday in New York for allegedly engaging in a wire-fraud conspiracy and running a money laundering scheme.

Mr. Chen's businesses were sanctioned by the US and the UK as part of a joint operation. The UK government says it has frozen assets owned by his network, including 19 properties in London - one of which is worth nearly £100m ($133m).

US prosecutors say it is one of the biggest financial takedowns in history and the largest ever seizure of bitcoin, with approximately 127,271 bitcoin being held by the US government.

Mr. Chen, who remains at large, is accused of being the mastermind behind a sprawling cyber-fraud empire operating under his multinational company, the Prince Group. The DOJ alleges it runs one of Asia's largest transnational criminal organizations.

Unwitting victims were contacted online and convinced to transfer cryptocurrency based on false promises that the funds would be invested and generate profits. Prosecutors allege that Mr. Chen's company built and operated at least ten scam compounds throughout Cambodia.

Assistant Attorney General for National Security John A Eisenberg described the Prince Group as a criminal enterprise built on human suffering. It also trafficked workers, who were confined in prison-like compounds and forced to carry out scams online.

If convicted, Mr. Chen faces a maximum penalty of 40 years in jail.