Department of Justice seizes $15 billion worth of Bitcoin, according to Chainalysis
The U.S. Department of Justice (DOJ), in conjunction with other agencies and international partners, has successfully seized an unprecedented $15 billion in bitcoin from a sophisticated cryptocurrency-enabled scam network operating in Southeast Asia. This operation, which involved the Office of Foreign Assets Control (OFAC), Financial Crimes Enforcement Network (FinCEN), and the United Kingdom’s authorities, targeted the Prince Group Transnational Criminal Organization (TCO) and its extensive network of affiliates, including individuals like Chen Zhi, involved in cryptocurrency scams, mining activities, and money laundering schemes.
As part of this coordinated effort, Huione Group, a significant financial services provider, has been effectively cut off from the U.S. financial system due to its involvement in laundering over $4 billion in illicit cryptocurrency proceeds. Within the span of four and a half years, Huione Group processed a staggering $98 billion in total cryptocurrency inflows, facilitating transactions for various illicit actors engaged in cyber-criminal activities, including money laundering, escort services, drug vendors, and more.
The actions of the DOJ also extended to the launch of a groundbreaking forfeiture case, targeting approximately 127,000 bitcoin valued at $15 billion. This civil forfeiture complaint included bitcoin assets directly linked to fraudulent schemes orchestrated by Chen Zhi, also known as “Vincent,” the founder and chairman of Prince Holding Group (Prince Group).
The criminal activities spearheaded by Prince Group were not limited to Cambodia, as evidence revealed their reach extended to Palau, where they attempted to project a facade of legitimacy through luxury resort development. Working alongside individuals tied to organized crime, Prince Group secured a lease on Ngerbelas Island to construct a high-end resort under the guise of a front company called Grand Legend. This expansion was part of a broader scheme to legitimize profits from criminal activities while maintaining connections with underworld figures.
Within this network of illicit operations, Chen Zhi controlled four bitcoin addresses that accumulated over $1.77 billion in bitcoin over a span of two and a half years. The organization also operated a bitcoin mining operation in Laos through Warp Data Technology, which contributed large amounts of bitcoin to wallets controlled by Chen Zhi. These mining activities were intertwined with fraudulent schemes, such as “pig butchering” scams, where victims were lured into investing in deceptive cryptocurrency platforms, furthered by a complex network of over 100 shell companies used for money laundering purposes.
The vast scale of cryptocurrency-enabled fraud conducted by the network is exemplified through Huione Group, where authorities uncovered over $4 billion in illicit proceeds laundered between August 2021 and January 2025. The funds were sourced from various criminal activities such as North Korean cyber heists, crypto investment scams, and other cyber-related scams, totaling to $98 billion in cryptocurrency inflows. OFSI’s actions against Byex Exchange shed light on the interconnected web of services utilized by Prince Group and Jin Bei, highlighting direct interactions with Huione and facilitation of scam payments, technology vendors, and money movement services.
These unprecedented actions to dismantle crypto-enabled scam networks underscore the increasing capabilities of law enforcement agencies to trace and seize illicit cryptocurrency assets on a global scale. This significant seizure of $15 billion in bitcoin signifies a crucial milestone in asset recovery efforts and serves as a stark warning to those involved in cryptocurrency-related criminal activities.
