U.S. Seizes $15 Billion in Bitcoin Tied to Cambodian Cyber Fraud Network

On October 14, 2025, U.S. authorities announced the seizure of approximately $15 billion worth of bitcoin linked to an international cyber fraud operation allegedly led by Cambodian businessman Chen Zhi. The bitcoin was traced to a sprawling network of financial and digital infrastructure reportedly controlled by Zhi and his associates, part of a multi-year investigation involving law enforcement agencies in multiple countries.

Chen Zhi is the chairman of Prince Group, a prominent conglomerate based in Phnom Penh, Cambodia. He now faces charges including conspiracy to commit wire fraud and money laundering, following allegations that he oversaw a global cyber scam operation that defrauded individuals out of billions of dollars. According to investigators, the network ran a sophisticated series of schemes often referred to as “pig butchering.” These scams typically involve establishing prolonged contact with victims—often through messaging apps or dating platforms—gaining their trust, and then persuading them to invest in fraudulent cryptocurrency platforms. Victims are “fattened” through encouragement and fake gains, before their funds are stolen outright.

The U.S. Department of Justice claims the criminal organization under Zhi’s direction utilized forced labor and deception to operate call centers across Southeast Asia, particularly in Cambodia, to target victims around the world. Workers in these compounds were often coerced, their documents confiscated, and their movements restricted. Testimonies from survivors have emerged in prior reports, detailing conditions akin to human trafficking and modern slavery.

This particular enforcement action reflects a growing international focus on cryptocurrency’s role in facilitating and concealing financial crime. While bitcoin’s transparent ledger allows for potential traceability, the complex web of intermediaries, private wallets, and off-shore exchanges often makes enforcement difficult. In this case, however, authorities managed to follow on-chain movements, correlate them with known exchange records, and link assets to the operation’s financial hub.

Estimates suggest that scams tied to pig butchering tactics have resulted in over $75 billion in global losses between early 2020 and early 2024. In the United States alone, cryptocurrency investment fraud accounted for more than $5.8 billion in reported losses in 2024, according to FBI data.

The scale of this seizure marks one of the largest recoveries of illicit bitcoin to date. The digital assets are now held under U.S. custody pending legal proceedings. Officials have not disclosed the full method of recovery, citing the ongoing nature of the case and international coordination efforts.

This case underscores both the opportunities and vulnerabilities that come with the rise of digital money. It highlights the need for robust oversight, better education for the public about fraud tactics, and stronger international frameworks to handle financial crime that operates without respect for borders.