Key Highlights-
- The US and UK imposed sweeping sanctions on a Southeast Asian crypto scam network, freezing assets and seizing Bitcoin.
- The network’s leader, Chen Zhi indicted in the US; 146 people across the region were targeted in a coordinated action.
- Scam centres operated as forced labor camps, luring trafficked workers and defrauding victims globally via “pig butchering” schemes.
In a landmark display of international coordination, the United States and United Kingdom have unleashed sweeping sanctions against the Prince Group, a Cambodia-based transnational criminal network accused of orchestrating one of the world’s largest cryptocurrency fraud operations. The crackdown includes criminal charges, asset seizures, and financial blacklisting aimed at dismantling a sprawling cyber-fraud empire built on modern slavery and digital deception.
Historic Sanctions Strike at Prince Group Network
According to officials, the operation targeted 146 individuals tied to Prince Group, including shell companies spanning Hong Kong, Singapore, and the British Virgin Islands. The U.S. Department of Justice simultaneously filed a historic forfeiture complaint, seizing 127,271 Bitcoin, valued at approximately $15 billion, the largest cryptocurrency seizure in U.S. history.
The Architect Behind the Scheme
At the center of the storm is Chen Zhi, 37, the chairman of Prince Group and alleged mastermind of the fraud network. U.S. prosecutors have indicted him for conspiracy to commit wire fraud and money laundering. The claims depict Chen as leveraging corporate façade businesses, political connections, and influence inside Cambodia’s elite to shield illegal operations from scrutiny.
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Furthermore, Investigators allege that the network’s day-to-day fraud operations were housed in fortified compounds in Cambodia, Myanmar, and neighboring countries, where trafficked workers were held under threat of torture and forced to run elaborate “pig butchering” scams on global victims.
Chen purportedly claimed the scheme pulled in $30 million a day at one point. If convicted, he could face up to 40 years in U.S. prison.
Scam Centres & Forced Labor Machinery
The indictment paints a disturbing picture. The victims were lured by fake job advertisements and promises of high-paying work, only to find themselves trapped in compounds with thousands of phones, call centers, and automated systems for scamming. Workers often had their passports confiscated, were isolated, and forced to carry out fraud under duress.
“Pig butchering” techniques formed the backbone of the scam strategy. Perpetrators would build trust with victims online, either via romance, investment stories, or social media personas, before coaxing them into fake crypto platforms and draining their funds. The proceeds were then laundered via Prince Group’s gambling, crypto mining, and real estate arms.
In addition to this, luxury assets, including yachts, private jets, and high-end art, were purchased with illicit gains. Some of these assets have now been frozen in London as part of the sanctions effort.
Sanctions, Property Seizure & Global Reach
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) designated Prince Group a Transnational Criminal Organization, blocking its access to American financial systems and prohibiting US persons or institutions from engaging with any of its front companies. Four Bitcoin addresses linked to the network were added to the U.S. SDN (Specially Designated Nationals) list.
Meanwhile, in the UK, authorities froze 19 high-value properties, including a £12 million mansion in North London and multiple flats in central London. These were all traceable to the network’s illicit flows, as per reports by Reuters. The British Foreign Secretary Yvette Cooper described the move as striking at those who “buy up London homes to store dirty money.”
Why This Matters: Regional & Global Implications
While the action doesn’t instantly disassemble the network, it shifts the legal and financial calculus for crypto fraudsters operating in Southeast Asia. However, experts warn that the crackdown signals a new height of global cooperation in fighting cyber-enabled financial crime and human trafficking.
This case also highlights how illicit crypto networks are entwined with political influence and forced labor, making it harder for authorities to separate fraud from human rights abuses.
Some analysts expect displaced operations to migrate to less regulated jurisdictions or adopt more covert structures. But as this joint US-UK intervention shows, even sprawling criminal empires can become vulnerable when nations pool legal, intelligence, and financial power.
