Bitcoin worth $14bn seized in US-UK crackdown on alleged scammers
15 October 2025
The UK government has seized over $14 billion (£10.5 billion) in bitcoin and charged Cambodian national Chen Zhi, founder of the Prince Group, with masterminding a massive cryptocurrency scam that included forced labor camps. This operation highlights one of the largest financial takedowns in history, with approximately 127,271 bitcoin currently held by the UK government.
Mr. Chen’s businesses faced severe sanctions, and the UK government has frozen assets owned by his network, which includes 19 properties in London—one valued at nearly £100 million ($133 million). These efforts aim not only to dismantle the criminal organization but also to protect vulnerable individuals from being targeted by similar scams in the future.
The Prince Group has been described as a sprawling cyber-fraud empire. Unwitting victims were lured online with promises of profitable investments, only to be deceived into transferring cryptocurrency. Prosecutors allege that under Mr. Chen’s direction, the organization operated at least forty scam compounds throughout Cambodia, which were designed to reach as many victims as possible.
These scam operations utilized elaborate tactics, including “phone farms,” where accomplices procured millions of mobile numbers to run extensive call center scams. Two facilities reportedly controlled about 76,000 social media accounts, enabling them to cast a wide net for potential victims.
Internal documents from the Prince Group revealed strategies for building rapport with victims, advising employees to avoid overly attractive profile photos, which could arouse suspicion and enhance the authenticity of their outreach.
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Assistant Attorney General for National Security John A. Eisenberg described the Prince Group as a “criminal enterprise built on human suffering.” The organization is accused of trafficking workers, confining them to harsh conditions while forcing them to execute scams that targeted thousands of people worldwide.
Prosecutors allege that Mr. Chen and his accomplices used the proceeds from these crimes for luxury travel and extravagant purchases, including private jets and valuable artwork, such as a Picasso painting acquired from a New York City auction house. If convicted, Mr. Chen could face a maximum penalty of 40 years in prison.
In the UK, Mr. Chen and his associates allegedly incorporated businesses in the British Virgin Islands and invested heavily in UK property markets. Their assets include a £100 million office building in Central London, a £12 million mansion in North London, and several high-value flats in the city.
The UK government’s decisive actions serve to address the transnational threats posed by this network. Fraud Minister Lord Hanson stated, “Fraudsters prey on the most vulnerable by stealing life savings, ruining trust, and devastating lives. We will not tolerate this.”
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