An international crime syndicate amassed billions of dollars’ worth of cryptocurrency.
The United States has seized 127,271 Bitcoin valued at $15 billion, in what officials call the largest asset forfeiture in the Justice Department’s history, targeting a vast Southeast Asian crypto-crime network.
Announced on October 14, the joint operation between the U.S. Treasury, Department of Justice (DOJ), and U.K. authorities dismantled the Prince Group Transnational Criminal Organization (TCO), sanctioning 146 individuals and entities affiliated.
The TCO is a Cambodia-based syndicate accused of laundering billions through scams, forced-labor compounds, and trafficking operations across 30 countries.
Key operation facts
| Item | Details |
| Bitcoin seized | 127,271 BTC (~$15 billion) |
| Main suspect | Chen Zhi, CEO of Prince Group |
| Charges | Wire fraud, money laundering |
| Potential sentence | Up to 40 years in prison |
| Countries involved | 30+ across Asia and Europe |
| Assets frozen | £100 million+ in UK properties |
| Total entities sanctioned | 146 individuals and firms |
Hiding a forced-labor scam network behind a luxury front
Founded in 2015, Prince Group allegedly posed as a real estate and finance group of companies but secretly ran massive online scams.
Investigators uncovered a massive scheme where trafficked Chinese workers, confined in guarded compounds, were forced to operate “pig-butchering” schemes, a type of romance or investment scam that lures victims into sending crypto to fake platforms.
Victims worldwide lost millions, with stolen funds traced to luxury properties, private jets, and even a Picasso painting purchased via a New York auction house.
U.S. and U.K. agencies also linked the group’s casino arm, Jin Bei Group Co. Ltd., to forced labor, sextortion, and murder.
Huione and Byex Caught in the Net
Two notable financial platforms in Southeast Asia were implicated in the forfeiture:
- Huione Group: A Cambodia-based fintech firm designated by FinCEN as a primary money-laundering concern. It reportedly processed $98 billion in crypto inflows (2021–2025), including billions tied to scams and North Korean cyber gangs.
- Byex Exchange: A trading platform accused of handling and routing payments for Prince Group, enabling funds to move under the radar.
- Both firms are now barred from the U.S. financial system and sanctioned by U.K. regulators.
Rising Global Threat
Crypto-enabled crime continues to rise.
According to the U.S. Treasury, Americans lost $16.6 billion to online investment scams in 2024, which represents a 66% increase from 2023. The FBI recorded over $5.8 billion in crypto-related fraud losses last year — the largest financial scam category nationwide.
Officials believe that with the coordinated U.S.–U.K. crackdown, sophisticated crypto networks might still be on the rampage, but they are no longer beyond reach. Prosecutors will seek to make the Bitcoin seizure permanent and direct recovered funds toward victim restitution.
Bitcoin remains a popular alternative asset thanks to its incredible growth over the last decade, but it remains a prime target for hackers and scammers.
