The largest Bitcoin seizure in US history: 127,000 BTC worth over $35 billion to this surprising business holding company
The U.S. Department of Justice has seized 127,271 bitcoins tied to a Chinese-Cambodian enterprise.
The U.S. Department of Justice, along with the UK, have seized 127,271 bitcoins tied to a Chinese-Cambodian enterprise accused of a hugely complex criminal case of financial fraud. These intangible assets, valued at roughly $15 billion, were linked to the operations of Prince Holding Group and its founder, Chen Zhi.
Prosecutors say these funds, which Chen Zhi had allegedly held the keys to, stemmed from fraudulent investment schemes, including what is known as “pig butchering” scams, which lured investors into crypto trading traps under false promises. Chen himself remains at large.
This confiscation represents one of the largest in U.S. history tied to cryptocurrencies. According to departmental statements, with this round of seizures the federal government now holds a total of 325,292 bitcoins, with the estimated current value sitting at around $36 billion.
Christopher Raia, the assistant director in charge of the FBI’s New York field office, told CNN that “it’s kind of like jaywalking,” with the FBI having to “cut off the head of the snake” by going after Chen.
Yesterday, FBI New York's Joint Asian Criminal Enterprise Task Force and @EDNYnews announced charges against Chen Zhi, the chairman of Prince Holding Group, with wire fraud conspiracy and money laundering conspiracy for allegedly engaging in the largest cryptocurrency investment… pic.twitter.com/AyRaNZvX6W
— FBI New York (@NewYorkFBI) October 15, 2025
Forced labour and torture: behind Chen’s alleged criminal empire
CNN reports that "Chen and others allegedly operated at least 10 forced labor camps across Cambodia since 2015″ all aimed at fuelling cryptocurrency scams.
The Guardian explains how “thousands of people” were “duped by false job adverts and then forced to commit online fraud,” with the threat of torture keeping them in check.
The American outlet adds that Chen “laundered criminal proceeds through the business and paid bribes to government officials to stay ahead of criminal investigations.”
According to the indictment, the camps were complete with high concrete walls and served as automated call centres, where “76,000 accounts on social media platforms” were controlled using “1,250 phones.” The scammers would contact susceptible victims and engage in a relationship with them before scamming them out of money. Prince Group was earning over $30 million a day from fraudulent schemes, the indictment alleges.
As a result of the case, over 100 business entities registered in Cambodia, Singapore, and Hong Kong among others, have been placed on a U.S. sanctions list in relation to alleged links to Chen.
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