Officials crack down on Southeast Asia cybercrime networks, seize $15B
Federal authorities seized 127,271 Bitcoin, valued at approximately $15 billion, from Chen Zhi, the alleged leader of a sprawling cybercrime network based in Cambodia, the Justice Department said Tuesday. Officials said it’s the largest financial seizure on record.
“Today’s action represents one of the most significant strikes ever against the global scourge of human trafficking and cyber-enabled financial fraud,” Attorney General Pamela Bondi said in a statement.
Officials said Chen, a 38-year-old United Kingdom and Cambodian national who has renounced his Chinese citizenship, built a business empire under the Prince Group umbrella headquartered in Phnom Penh, Cambodia, that constructs, operates and manages scam compounds that rely on human trafficking and modern-day slavery.
A criminal indictment against Chen was also unsealed in the U.S. District Court for the Eastern District of New York. He remains at large and the FBI is seeking information about his whereabouts. Chen faces up to 40 years in prison for his alleged crimes.
Chen is accused of founding and running Prince Group since 2015, resulting in a global expansion that has brought the cybercrime network’s operations to dozens of entities spanning more than 30 countries.
Officials said Chen was directly involved in managing the scam compounds and committed violence against people in the forced labor camps where schemes targeted victims around the world, including in the United States. One network based in Brooklyn, New York, scammed more than 250 people in New York and across the country out of millions of dollars, according to the indictment.
Authorities in the U.S. and U.K also imposed coordinated sanctions against the Prince Group’s cybercrime networks in Southeast Asia accused of long-running investment scams and money laundering operations.
Officials said the sanctions against people and organizations involved with the Prince Group transnational criminal organization and its severing of Huione Group from the U.S. financial system mark the most extensive action taken against cybercrime operations in the region to date.
“The rapid rise of transnational fraud has cost American citizens billions of dollars, with life savings wiped out in minutes,” Treasury Secretary Scott Bessent said in a statement.
The agency’s Office of Foreign Assets Control imposed sanctions on 146 people and organizations participating in Prince Group TCO, while the Financial Crimes Enforcement Network issued a rule under the USA PATRIOT Act to sever Cambodia-based financial services conglomerate Huione Group from the U.S. financial system.
OFAC also sanctioned a network of 117 illegitimate businesses affiliated with Prince Group. The agency published a complete list of people and entities sanctioned as part of the sweeping action.
Authorities said Prince Group is prolific and remains a dominant player in Cambodia’s scam economy, responsible for billions of dollars in illicit financial transactions. U.S. government officials estimate Americans lost more than $10 billion to Southeast Asia-based scam operations last year, noting that U.S. online investment scams surpass $16.6 billion.
Huione Group has allegedly laundered proceeds from cyberattacks initiated by North Korea and transnational criminal organizations in Southeast Asia responsible for virtual currency investment scams, authorities said. The organization laundered more than $4 billion in illicit proceeds between August 2021 and January 2025, the Treasury Department said.
The U.K.’s Foreign, Commonwealth, and Development Office also participated in the crackdown by imposing sanctions on Prince Holding Group, its alleged leader Chen and key associates.
“Today, the FBI and partners executed one of the largest financial fraud takedowns in history,” FBI Director Kash Patel said in a statement.
