Massive Cryptocurrency Crackdown: Over $14 Billion in Bitcoin Seized in US-UK Operation

Wed Oct 15 2025 14:25:27 GMT+0300 (Eastern European Summer Time)

A historic crackdown by US and UK authorities has led to the seizure of over $14 billion in Bitcoin linked to a suspected scam orchestrated by Cambodian entrepreneur Chen Zhi. The coordinated effort aims to dismantle a major cyber-fraud network operating across multiple regions.

US authorities have seized more than $14 billion in Bitcoin associated with a massive cryptocurrency scam allegedly run by Chen Zhi. The founder of the Prince Group, a Cambodian business empire, is accused of masterminding a complex financial fraud scheme while operating a criminal enterprise that exploited vulnerable individuals worldwide. This operation marks one of the largest financial takedowns in history and highlights the growing challenge of cybercrime.

The US government has seized over $14bn (£10.5bn) in bitcoin and charged the founder of a Cambodian business empire with allegedly masterminding a massive cryptocurrency scam.

UK and Cambodian national Chen Zhi was charged on Tuesday in New York for allegedly engaging in a wire-fraud conspiracy and running a money laundering scheme.

Mr Chen's businesses were sanctioned by the US and the UK as part of a joint operation. The UK government says it has frozen assets owned by his network, including 19 properties in London - one of which is worth nearly £100m ($133m).

US prosecutors have described this case as one of the biggest financial takedowns in history, representing the largest seizure of bitcoin to date, with approximately 127,271 bitcoin currently held by the government.

Mr Chen, who remains at large, is accused of being the mastermind behind a sprawling cyber-fraud empire operating under his multi-national company, the Prince Group. The group allegedly contacted unwitting victims online, convincing them to transfer cryptocurrency under false pretenses of profitable investments.

Prosecutors have alleged that under Mr Chen's direction, the company built and operated compounds throughout Cambodia that functioned as scam centers. The operation reportedly involved extensive use of technology and online platforms to conduct its fraudulent schemes.

Assistant Attorney General John A Eisenberg characterized the Prince Group as a criminal enterprise built on human suffering, highlighting how the group trafficked workers confined in labor-like conditions to carry out these scams.

In an effort to disrupt this criminal network, both the US and UK governments have taken decisive measures, freezing significant assets and cutting off operations related to the Prince Group. If convicted, Mr Chen faces a maximum penalty of up to 40 years in jail.