T
he U.S. Justice Department has seized $15 billion in bitcoin from a worldwide “pig‑butchering” scheme orchestrated by Chinese‑born businessman Chen “Vincent” Zhi. The operation relied on forced‑labor camps in Cambodia, where trafficked workers were compelled to run “phone farms” that lured victims with fake romance, charity pleas or promised crypto gains. Chen, 37, is the founder and chairman of Prince Holding Group, a company that prosecutors say has operated as one of Asia’s largest criminal enterprises since 2014.
In a Brooklyn federal indictment, the DOJ accuses Chen of wire fraud, bribery, and a money‑laundering conspiracy that spanned more than a decade. The indictment alleges that Chen used violence to enforce discipline in the camps, which were described as “forced labor” compounds surrounded by high walls and barbed wire. Images of beatings and torture are said to have been in Chen’s possession, and he reportedly instructed associates to punish troublemakers while warning that laborers should not be “beaten to death.”
The fraud network, which operated in over 30 countries, laundered millions of dollars from more than 250 U.S. victims. At its peak, Prince Holding Group reportedly earned up to $30 million a day, according to court documents. Proceeds were funneled into luxury purchases—including yachts, jets, watches, and a Picasso painting bought in New York—as well as high‑profile real estate. The company also bought a $16 million London mansion and a $126 million office block in central London, assets now frozen by the British government under sanctions.
Chen’s online persona built trust with victims before convincing them to transfer crypto funds that were then stolen and laundered. The seized bitcoin, totaling 127,271 coins, was held in unhosted wallets controlled by Chen and is now in U.S. custody. The indictment contains photographs purporting to show the mistreatment of laborers and the violent methods used to enforce discipline.
The U.S. Attorney for the Eastern District of New York, Joseph Nocella Jr., described Chen as the mastermind behind “one of the largest investment fraud operations in history,” while FBI Assistant Director Christopher G. Raia said the scheme “plagued all corners of the globe and evaded law enforcement detection for years.” The FBI’s 2024 Internet Crime Report noted that cryptocurrency investment fraud caused more than $5.8 billion in losses last year alone.
Chen remains at large and faces up to 40 years in prison if convicted. The DOJ’s indictment also alleges that Chen bribed foreign officials and used political influence to shield operations, laundered money through gambling and mining businesses, and boasted of “no‑cost” profits from stolen funds. The Treasury has designated Prince Holding Group as a transnational criminal organization and imposed sanctions on Chen and his associates.
