Historic $15B Bitcoin Seizure Targets Global Scam
The U.S. has executed the largest Bitcoin seizure in history, confiscating 127,271 BTC worth $15 billion. Cambodian businessman Chen Zhi, head of Prince Holding Group, is charged with wire fraud and money laundering. His operation ran "pig butchering" scams, using fake online relationships to lure victims into fraudulent crypto platforms. Funds were funneled through shell companies, gambling sites, and mining farms. In Cambodia, scam camps forced thousands to manage fake profiles, with Chen allegedly approving violent enforcement. The Treasury designated Prince a transnational crime group, imposing sanctions that block U.S. dealings. The UK froze $172 million in Chen’s assets, including London properties. He remains at large, facing 40 years if convicted. The DOJ plans to use the Bitcoin for victim restitution, a first. With $5.8 billion in U.S. crypto fraud losses in 2024, this could reshape regulation. Will the market adapt?

















