DOJ Seizes $15 Billion in Bitcoin as U.S. and U.K. Target Massive Southeast Asian Crypto Scam Network

TL;DR

• OFAC has designated the Prince Group TCO and 146 related targets for working huge “pig butchering” rip-off operations, together with particular person Chen Zhi.
• The community’s crypto operations embrace bitcoin mining by way of Warp Data Technology and the laundering of rip-off proceeds.
• Huione Group, a key monetary companies supplier, has been lower off from the U.S. monetary system after laundering over $4 billion in illicit crypto proceeds, and has processed over $98 billion of complete cryptocurrency inflows over the previous 4 and a half years.
• The U.S. Department of Justice (DOJ) launched a record-breaking forfeiture case involving $15 billion in bitcoin held in U.S. custody.

 

On October 14, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN), in coordination with the United Kingdom’s Foreign, Commonwealth, and Development Office (FCDO), took action towards cryptocurrency-enabled rip-off networks working in Southeast Asia. The designation consists of the Prince Group Transnational Criminal Organization (TCO) and its huge community of corporations and people, together with Chen Zhi, concerned in cryptocurrency scams, mining operations, and money laundering. As a part of the broader community, the U.Okay.’s Office of Financial Sanctions Implementation (OFSI) additionally sanctioned Byex Exchange, a cryptocurrency change platform with hyperlinks to each Jin Bei Group Co. Ltd and Prince Group.

As a part of the motion, Huione Group, which was topic to a Notice of Proposed Rule Making (NPRM) on May 1, 2025, has now been designated below FinCEN’s Special Measures as a major cash laundering concern below Section 311 of the USA PATRIOT Act, formally severing the agency’s entry to the U.S. monetary system.

In addition, the U.S. Department of Justice (DOJ) has unsealed an indictment towards Chen Zhi, additionally recognized as “Vincent,” the founder and chairman of Prince Holding Group (Prince Group). The DOJ additionally filed a historic $15 billion civil forfeiture criticism involving roughly 127,000 bitcoin linked to the fraudulent schemes.

Cryptocurrency on the heart of operations

A luxurious lodge and on line casino operation tied to the Prince Group, Jin Bei Group Co. Ltd., has been linked to a sequence of legal actions throughout Cambodia, together with extortion, pressured labor, large-scale scamming, and the brutal 2023 homicide of a 25-year-old Chinese nationwide. In a 2022 U.S. takedown of a Chinese cash laundering community, the FBI recognized 259 Americans who misplaced a complete of $18 million to scammers working inside Jin Bei compounds, which is only a fraction of the broader monetary hurt attributed to the group. Despite efforts by Prince Holding Group to disassociate itself, public information and a June 2025 Cambodian authorities press launch verify that it owns Jin Bei Casino, with Chen Zhi named as CEO.

Chen Zhi and a community of high-ranking associates used an online of corporations and subsidiaries to coordinate cash laundering, funding fraud, pressured labor, and different critical crimes throughout Southeast Asia. Individuals near Chen Zhi, together with actual property executives, monetary operatives, and shell firm homeowners are accused of shifting illicit funds, overseeing rip-off compounds, and facilitating violence to take care of management.

Prince Group’s attain extends far past Cambodia, together with into Palau, the place it reportedly tried to launder its picture by way of high-end resort growth. With the assistance of Rose Wang, a Palau-based determine linked to organized crime, Prince Group secured a 99-year lease on Ngerbelas Island to construct a luxurious resort below a entrance firm referred to as Grand Legend. The OFAC press launch highlights that this growth was a part of a broader effort to legitimize income from legal enterprises whereas sustaining deep ties to recognized underworld figures.

At the center of the operation have been 4 bitcoin addresses straight managed by Chen Zhi, the group’s chief, amassing over $1.77 billion in bitcoin over the previous two and a half years:

• bc1qeth6n6ryxexvkx34wnx3nuynun4474h3j0gkhw
• bc1q2we5eqjj8je6lz9xwjattpc3pn4jejc5h0s70f
• bc1qnujzvts45qka3cr2eqqw8ur3q6g6s0ze2wlk5m
• bc1qw4fxztd5u3sl7vrcqwk2a8v5zh5dllvckx3tlt

The group additionally operated a devoted bitcoin mining operation in Laos by way of Warp Data Technology, which funneled giant portions of bitcoin to wallets managed by Chen Zhi. This mining operation labored in live performance with the group’s “pig butchering” scams, the place victims have been satisfied to take a position in fraudulent crypto platforms, and their advanced cash laundering operations performed by way of a community of over 100 shell corporations. As seen in the Chainalysis Reactor graph beneath, Chen Zhi’s wallets obtained intensive inflows not directly from a mining pool:

The scale of the crypto-enabled fraud is staggering. Through Huione Group alone, authorities recognized over $4 billion in illicit proceeds laundered between August 2021 and January 2025, together with $37 million from North Korean cyber heists, $36 million from crypto funding scams, and $300 million from different cyber scams. Huione Group has additionally processed over $98 billion of complete cryptocurrency inflows inside that timeframe, together with to a number of illicit actors, as we’ve beforehand highlighted, together with cash launderers, escort companies, drug distributors, and extra.

The above graph solely scratches the floor of Huione Group’s facilitation of illicit exercise, which has prolonged to sanctioned entities, jurisdictions, and a number of varied illicit cryptocurrency-related exercise.

Lastly, OFSI’s motion towards Byex Exchange additional highlights the community utilized by Prince Group and Jin Bei. As seen in the Reactor graph beneath, Byex has interacted straight with Huione; and facilitated pig butchering rip-off funds, rip-off expertise distributors such as social media focusing on and SMS account distributors, and cash motion companies which assist facilitate laundering of illicit proceeds.

Impact on cryptocurrency compliance and asset restoration

Today’s motion represents the largest-ever coordinated effort focusing on crypto-enabled rip-off networks in Southeast Asia, together with a historic $15 billion bitcoin seizure. This landmark restoration demonstrates the rising functionality of legislation enforcement to hint and seize illicit cryptocurrency belongings, which Chainalysis estimates could amount to hundreds of billions of {dollars} globally.

To shield towards these kind of rip-off networks, crypto companies ought to display screen transactions towards newly designated entities and people, monitor for typical “pig butchering” rip-off patterns, and be alert to connections with Huione Group, which is now lower off from the U.S. monetary system.

We have up to date our screening options to incorporate all designated people and entities from in the present day’s motion and will proceed monitoring for extra cryptocurrency addresses and entities related to those networks.

If you’d prefer to be taught extra about Chainalysis merchandise, click on here to request a demo.

 

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