US–UK seize $14bn bitcoin, charge Cambodia tycoon over crypto scam

The United States has seized more than $14bn worth of bitcoin and charged Cambodia-based businessman Chen Zhi with allegedly orchestrating a vast crypto investment scam, as Washington and London launched a coordinated crackdown on a network they say trafficked workers and defrauded victims worldwide.

Prosecutors in New York charged Chen — a UK and Cambodian national who chairs the Prince Group conglomerate — with wire-fraud conspiracy and money-laundering conspiracy. 

He remains at large. US authorities said approximately 127,271 bitcoin have been taken into government custody, describing the operation as one of the largest financial takedowns on record and the biggest bitcoin seizure to date. 

In parallel, the UK and US imposed sanctions on Chen and several affiliated companies, alleging the Prince Group ran “pig-butchering” schemes — online romance or investment deceptions that convinced victims to transfer crypto that was then laundered through the network. 

The UK said it froze assets tied to Chen’s network, including London real estate such as a £95m office building and a £12m mansion; the US also designated the Prince Group a criminal organisation. 

Court filings and investigative material describe sprawling “phone farms” and compounds in Cambodia where coerced workers allegedly managed tens of thousands of social-media accounts to target victims. 

Prosecutors say proceeds funded luxury travel and purchases, including private jets, high-end watches, and rare art, while victims in multiple countries were left with heavy losses. If convicted, Chen faces up to 40 years in prison. 

UK Foreign Secretary Yvette Cooper said the joint action aims to protect victims and keep “dirty money” out of British markets, while US officials called the network a criminal enterprise built on human suffering. 

Rights groups have separately documented forced labour and abuse in Cambodian scam centres linked to companies now under sanction.