The U.S. Department of Justice has seized $15 billion worth of bitcoin from the leader of the Prince Group, a massive criminal network accused of running large-scale cryptocurrency investment scams, often known as “romance baiting” or “pig butchering.”
According to unsealed court documents, the Cambodia-based organization defrauded victims across the United States and beyond by luring them into fake online investment schemes. Scammers posing as romantic partners or trusted contacts used social media, dating apps, and messaging platforms to gain victims’ confidence before convincing them to invest in fraudulent crypto opportunities. Instead of investing the money, the criminals funneled it into accounts they controlled.
The DOJ says the Prince Group has operated since around 2015, using more than 100 shell and holding companies across 30 countries to conceal its activities. The group also trafficked hundreds of workers, forcing them to work under violent conditions in heavily guarded compounds in Cambodia. These compounds housed dormitories surrounded by high walls and barbed wire, functioning as forced labor camps where victims were coerced into scamming others online.
Chen Zhi, also known as Vincent, is identified as the group’s leader. He allegedly managed the scam compounds, bribed public officials to evade law enforcement, and used violence against those attempting to escape. Chen also directed his accomplices to use advanced crypto laundering tactics — such as “spraying” and “funneling” — to obscure the origins of their stolen funds. The laundered cryptocurrency was later converted into traditional currency and spent on luxury assets, including yachts, private jets, lavish vacations, and even a Picasso painting purchased at a New York City auction.
In coordination with the United Kingdom’s Foreign, Commonwealth, and Development Office, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned Chen Zhi and 146 others linked to the Prince Group.
“U.S. losses to online investment scams have steadily increased over the last several years, totaling over $16.6 billion,” OFAC said. It added that Americans lost an estimated $10 billion to Southeast Asia–based scams in 2024 alone — a 66 percent increase from the previous year. The Prince Group’s operations are believed to be among the most damaging of these global fraud networks.
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