Over $14B in Bitcoin Seized: U.S. Authorities Charge Founder of Cambodia's Prince Holding Group with Cryptocurrency Investment Fraud

The U.S. government has seized over $14 billion worth of Bitcoin while charging Chen Zhi, founder of Cambodia's Prince Holding Group, with involvement in a massive cryptocurrency fraud scheme. U.S. Attorney Joseph Nocella described the case as “one of the largest investment fraud operations in history.”

According to the investigation, Chen coerced others to deceive potential investors and used illicit proceeds for personal expense. He also boasted about profiting $46 million in a single day through pig butchering scams.

Court documents stated that Chen's Prince Holding Group operated at least ten locations in Cambodia, each surrounded by high walls and barbed wire fences. Chen compelled workers to contact potential victims via social media and messaging apps, build trust, and then lure them into transferring cryptocurrency with promises of fabricated high investment returns.

Investigators revealed that these cryptocurrencies were deposited in companies controlled by Prince Holding Group or other shell entities, which Chen used for personal expense.

One victim reportedly lost cryptocurrency worth over $617,000.

However, as of Tuesday, the mastermind known as “Vincent” remained at large.

BrokersView reminds you

Pig butchering scam (aka romance scam) often lures victims into transferring money or participating in fraudulent financial investments while gaining their trust, causing victims to suffer not only immense psychological distress but also severe financial losses.

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