In a landmark international crackdown on cybercrime, the United Kingdom and the United States have jointly dismantled a major online fraud and money-laundering network linked to Cambodian businessman Chen Zhi, the founder of the Prince Group conglomerate.
The operation led to the largest cryptocurrency seizure in U.S. history — 127,271 Bitcoins valued at approximately US$14 billion — and the freezing of £100 million in assets in the United Kingdom.
Authorities allege that Zhi masterminded a vast criminal operation that blended cryptocurrency scams, human trafficking, and online casino money-laundering across Southeast Asia. Victims were reportedly detained in so-called “scam centers” and coerced into deceiving unsuspecting individuals worldwide through fake romantic relationships — a type of cyber-fraud often known as “pig butchering” scams.
According to the U.S. Department of Justice (DOJ), victims were manipulated into investing in fraudulent cryptocurrency schemes under the pretense of genuine relationships. Once victims transferred digital assets, the funds were laundered through online casinos operated by the Prince Group, disguised as legitimate gaming transactions.
The investigation uncovered a complex digital infrastructure that linked hundreds of crypto wallets and offshore accounts. Using advanced blockchain analysis, U.S. and U.K. authorities traced the movement of funds, gaining access to the network’s Bitcoin wallets. This ultimately enabled the DOJ to seize the record-breaking amount of cryptocurrency.
The UK National Crime Agency (NCA), working alongside the Metropolitan Police’s Cyber Crime Unit, executed warrants to freeze £100 million in assets, including accounts connected to Byex Exchange, a crypto trading platform suspected of facilitating money-laundering operations for the network.
UK Home Secretary Yvette Cooper described the move as “a significant step in disrupting a vast and exploitative international fraud operation,” adding that the collaboration demonstrates the growing capability of Western law enforcement agencies to tackle crypto-related organized crime.
The U.K. government emphasized that this joint action forms part of a broader effort to clamp down on global cyber-enabled fraud, which has seen billions lost to romance and investment scams in recent years.
The operation represents one of the most significant examples of transatlantic law enforcement cooperation against financial cybercrime. It brought together the U.S. Department of Justice, the Federal Bureau of Investigation (FBI), the U.K. National Crime Agency, and the Financial Conduct Authority (FCA), among others.
Authorities confirmed that the Bitcoin seizure was completed following months of forensic tracing, and that several key servers hosting fraudulent trading platforms were shut down. However, Chen Zhi remains at large, reportedly evading capture since early 2025.
If convicted, Zhi faces up to 40 years in prison under U.S. law on charges of fraud, money laundering, and human trafficking. The DOJ has indicated that efforts are ongoing to locate and extradite him.
A U.S. Justice Department spokesperson said:
“This unprecedented seizure strikes at the heart of a network that profited from human misery and global deception. Our message is clear: no one who abuses technology to exploit others is beyond the reach of justice.”
