Crime15 October, 20253 min read
US Seizes $15 Billion Bitcoin and Charges Cambodian Tycoon for Human Trafficking and Crypto Fraud Network
This article is an automated aggregation of coverage from news outlets. Our editorials offer in-depth analysis curated by the NewsCord team.
U.S. authorities seized $15 billion in bitcoin linked to Chen Zhi’s scam network. Chen Zhi leads Prince Group, accused of human trafficking and operating scam centers.
5 outlets told this the same way.
Crypto Fraud and Human Trafficking Crackdown
U.S. and U.K. authorities have launched a sweeping crackdown on the Cambodia-based Prince Group and its chair, Chen Zhi.
“The US Justice Department also seized Bitcoin worth more than $14 billion, marking its largest forfeiture action.”
They have seized record crypto assets and announced charges tied to human trafficking and expansive online fraud schemes.
The U.S. Justice Department seized Bitcoin worth more than $14 billion, according to Al Jazeera.
Chen Zhi, described as a Chinese-Cambodian tycoon, was indicted on wire fraud and money laundering charges with exposure of up to 40 years in prison if convicted.
By contrast, mb.ntd reports that federal authorities have seized $15 billion in bitcoin from Chen Zhi, highlighting a higher figure and labeling him a Chinese-Cambodian criminal.
NTD News focuses on the alleged machinery of exploitation behind the scam empire, reporting prosecutors’ descriptions of forced-labor camps and phone farms.
U.S. officials are also cutting off a related network, the Huione Group, from the U.S. financial system.
Human Trafficking and Online Fraud
According to multiple outlets, the alleged scam network depended on coercion and captivity. NTD News reports prosecutors’ claims that workers were confined to compounds and forced to run massive “phone farms” executing fraudulent investment pitches. mb.ntd adds that the trafficking pattern involved workers being lured with fake job offers, then imprisoned and, under threat of torture, compelled to perpetrate online scams.
Al Jazeera highlights that many trafficked workers were Chinese and were used to fuel global cryptocurrency investment fraud. Together, these accounts portray an industrialized system of human trafficking feeding cyber-enabled financial crimes.
Sanctions and Financial Actions
Beyond criminal charges and seizures, authorities moved in parallel with sanctions and financial cutoffs.
“The US Treasury targeted 146 individuals linked to the group, labeling it a transnational criminal organization, while the UK froze 19 London properties worth over £100 million connected to the network.”
Al Jazeera details that the U.S. Treasury targeted 146 individuals linked to the group and that the U.K. froze 19 London properties worth over £100 million.
NTD News reports an additional step: the Treasury finalized a rule cutting off Cambodia‑based Huione Group from the U.S. financial system.
Treasury Secretary Scott Bessent highlighted the massive financial damage caused by the fraud.
mb.ntd’s snippet, in contrast, concentrates on the seizure and ongoing investigation rather than sanctions mechanics.
Chen Zhi Legal Case Overview
Key biographical and legal points differ across sources regarding Chen Zhi. Al Jazeera states Chen Zhi is 37 years old and details wire fraud and money laundering charges with a potential maximum sentence of 40 years. In contrast, mb.ntd lists him as 38 and highlights his founding of Prince Group in 2015 along with the ongoing investigation.
NTD News does not specify his age or charges in its brief but describes the criminal activity through accounts of U.S. victims and the scale of operations. The laundering was conducted through a Brooklyn network that targeted over 250 Americans using romance-investment schemes.
Global Fraud and Human Trafficking Crackdown
Victim impact and global scope also diverge in emphasis. NTD News highlights the U.S. toll through a Brooklyn-based laundering ring tied to over 250 American victims. Al Jazeera frames the harm as worldwide, describing scam centers in Cambodia and Myanmar that defrauded people across the globe.
“One network based in Brooklyn, New York, allegedly laundered millions stolen from over 250 American victims by cultivating online relationships, often posing as romantic partners, to trick victims into investing in fake cryptocurrency platforms before disappearing with their money.”
Al Jazeera characterizes the crackdown as one of the most significant actions to date against human trafficking and cyber-enabled fraud. mb.ntd’s framing underscores the alleged enslavement and torture used to compel workers to fuel these scams. The seizure is part of an ongoing U.S. criminal probe.