Prince Group (Chen Zhi)

Chen Zhi ("Vincent"), founder and chairman of Cambodia-based conglomerate Prince Holding Group, is accused by US authorities of running more than ten forced-labor scam compounds across Cambodia, where trafficked workers were forced under threat of violence to run "pig-butchering" crypto-investment fraud against victims worldwide, including Americans. By 2018 the enterprise was earning more than $30 million per day from fraudulent crypto-investment schemes, per TRM Labs. Proceeds were collected in bitcoin and stablecoins (USDT, USDC) and laundered through mining operations (the LuBian pool in China/Iran and Warp Data Technology), Byex Exchange, Huione Group, and a network of shell companies.

On October 14, 2025, the DOJ unsealed a Brooklyn (EDNY) indictment charging Chen with wire fraud conspiracy and money laundering conspiracy (up to 40 years if convicted) and filed the largest forfeiture action in US history: a civil complaint against 127,271 BTC, then worth over $15 billion, held in 25 unhosted wallets. Simultaneously, in a joint US-UK action, OFAC designated the Prince Group as a transnational criminal organization and sanctioned 146 targets (the UK imposed its own complementary designations); FinCEN issued a Section 311 action against Huione Group. Elliptic traced the seized coins to the December 2020 "theft" of ~127,426 BTC from Prince-linked LuBian mining pool; the funds sat dormant until mid-2024. In one affiliated-network takedown the FBI identified 259 US victims who lost $18 million — a partial figure.

Into 2026 the case shifted markedly: Cambodia revoked Chen's citizenship by royal decree in December 2025, then arrested him and deported him to China in early January 2026 (announced January 7) at Beijing's request — meaning he faces Chinese, not US, proceedings for now. The EDNY civil forfeiture case remains ongoing (the BTC was worth roughly $9 billion by March 2026 amid price declines, per ICIJ, which also reported DOJ rejecting early victim claims and Chinese accusations that the US itself "stole" the coins). On June 23, 2026, OFAC expanded sanctions with 9 individuals and 26 entities — including second-in-command Hu Xiaowei — while FinCEN proposed tightening its Huione rule; Hong Kong's High Court separately froze roughly $1.1 billion in related assets, per press reports.

Sources: [DOJ press release (Oct 14, 2025)](https://www.justice.gov/opa/pr/chairman-prince-group-indicted-operating-cambodian-forced-labor-scam-compounds-engaged), [TRM Labs — Operation Prince](https://www.trmlabs.com/resources/blog/operation-prince-inside-the-global-effort-that-led-to-the-largest-forfeiture-in-us-history), [Chainalysis](https://www.chainalysis.com/blog/southeast-asia-crypto-scam-network-mining-pig-butchering-october-2025/), [Elliptic](https://www.elliptic.co/blog/15-billion-us-seizure-reveals-prince-groups-connection-to-iran-china-bitcoin-mining-theft), [ICIJ (Mar 2026)](https://www.icij.org/investigations/coin-laundry/questions-swirl-around-us-plans-for-record-15b-prince-group-crypto-seizure/), [U.S. Treasury (OFAC/FinCEN, Oct 14, 2025)](https://home.treasury.gov/news/press-releases/sb0278)

**Official action:** DOJ indictment + record 127,271 BTC (~$15B) civil forfeiture, Oct 14, 2025; OFAC TCO designation + sanctions on 146 targets in a joint US-UK action, Oct 2025; OFAC expansion (9 individuals, 26 entities), Jun 23, 2026; Chen Zhi deported by Cambodia to China, Jan 2026