The US government has seized more than $14 billion (£10.5 billion) in bitcoin and charged Chen Zhi, a UK and Cambodian national and founder of the Prince Group, for allegedly orchestrating one of the largest cryptocurrency scams in history.
Chen was charged in New York with wire fraud conspiracy and money laundering. His companies have also been sanctioned by both the US and UK, with the UK freezing assets including 19 London properties, one valued at nearly £100 million ($133 million).
According to the US Department of Justice (DOJ), Chen remains at large and is accused of leading a sprawling cyber-fraud empire under the guise of his Cambodia-based conglomerate, the Prince Group. While the group claims to operate in real estate and financial services, US authorities allege it serves as a front for one of Asia’s largest transnational criminal organizations.
Prosecutors say the network contacted victims online, persuading them to invest in fake cryptocurrency ventures. Court filings reveal that Chen oversaw at least ten scam compounds in Cambodia, some of which housed “phone farms” with thousands of mobile phones used to manage tens of thousands of fraudulent social media accounts. Internal company documents even instructed workers on how to appear authentic to victims, including advice not to use profile photos that were “too beautiful.”
The DOJ further alleges that Chen’s operation trafficked workers who were confined and forced to carry out online scams targeting victims worldwide. Assistant Attorney General John A. Eisenberg described the Prince Group as a “criminal enterprise built on human suffering.” Profits from these schemes allegedly funded Chen’s luxury lifestyle, including private jets, rare art purchases such as a Picasso painting, and lavish travel.
If convicted, Chen faces up to 40 years in prison. In the UK, his network allegedly invested heavily in real estate through shell companies in the British Virgin Islands. UK Foreign Secretary Yvette Cooper condemned the operation, saying the group “ruined lives and bought up London homes to store dirty money.” The joint US-UK sanctions now bar Chen and his associates from accessing their financial assets.
Four affiliated businesses — Prince Group, Jin Bei Group, Golden Fortune Resorts World, and Byex Exchange — have also been blacklisted. Two of these entities were previously cited by Amnesty International for exploiting trafficked labor in scam compounds. UK Fraud Minister Lord Hanson emphasized that authorities “will not tolerate fraudsters who devastate lives by stealing life savings and trust.”
