US and UK Seize $14 Billion in Bitcoin Linked to Global Crypto Scams

In a major international operation, the United States and the United Kingdom have seized over $14 billion worth of Bitcoin and charged Chen Zhi, the founder of Cambodia’s Prince Group, for allegedly running one of the largest crypto scams in history.

US prosecutors called it one of the biggest financial takedowns ever. The joint US-UK action also led to the freezing of 19 properties in London, including one valued at nearly £100 million ($133 million).

New York prosecutors have charged Chen Zhi, a dual UK and Cambodian national, with wire fraud and money laundering. He remains at large.

US and UK Seize $14 Billion in Bitcoin Linked to Global Crypto Scams

According to the US Department of Justice (DOJ), Chen’s Prince Group—a Cambodia-based multinational company—was not just involved in real estate and finance as claimed on its website. Instead, the DOJ says it operated as one of Asia’s largest transnational criminal organisations.

Victims were allegedly tricked online into transferring cryptocurrency with promises of high profits. The funds were then stolen. Prosecutors said Chen’s network ran at least ten scam compounds in Cambodia, some described as forced labour camps.

Court documents revealed that Chen’s accomplices obtained millions of phone numbers and created “phone farms” to carry out scams. Two such facilities reportedly had 1,250 phones controlling 76,000 fake social media accounts.

Employees were instructed on how to build rapport with victims, even receiving tips like avoiding profile pictures of women “too beautiful” to make the accounts seem more believable.

The Assistant Attorney General for National Security, John A. Eisenberg, described the Prince Group as a “criminal enterprise built on human suffering.” Workers were allegedly trafficked, imprisoned, and forced to scam victims worldwide.

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Prosecutors said Chen and his partners used the stolen funds for luxury travel, private jets, expensive watches, and even rare artwork, including a Picasso painting purchased from a New York auction house.

If convicted, Chen faces up to 40 years in prison.

In Britain, Chen and his associates reportedly incorporated firms in the British Virgin Islands and invested heavily in London property, including a £12 million mansion and 17 luxury apartments.

The UK Foreign Office confirmed that his network’s assets have been frozen. They linked the four businesses to the scam. These are Prince Group, Jin Bei Group, Golden Fortune Resorts World, and Byex Exchange.

Human Rights Abuses Exposed

Some compounds run by Jin Bei Group and Golden Fortune Resorts were previously highlighted in an Amnesty International report for using forced labour and torture. Many workers tricked into fake job offers and later forced to scam victims under threat of violence.

Global Response Against Crypto Crime

UK Foreign Secretary Yvette Cooper said the action aims to protect human rights and stop dirty money from entering the country. “These criminals were ruining lives and buying up London homes to hide their money,” she said. “Together with our US allies, we’re taking decisive action against this growing transnational threat.”

Fraud Minister Lord Hanson also condemned the crimes, saying, “Fraudsters prey on the vulnerable, stealing life savings and destroying trust. We will not tolerate this.”

This crackdown marks a strong global message against crypto-related financial crimes and forced labour scams. It also signals closer international cooperation to bring digital fraudsters to justice.