Key Takeaways
- The Cambodian pig butchering syndicate lost 127,271 Bitcoin worth $15 billion in the largest forfeiture in Department of Justice (DOJ) history.
- U.S. authorities indicted Prince Group leader Chen Zhi for operating forced-labor scam compounds that generated up to $30 million daily.
- UK sanctions froze 19 luxury London properties, including a £12 million mansion and City office building tied to the network.
Table of Contents
Historic Blow Against Organized Crypto Crime
U.S. and UK authorities have delivered a devastating strike to a massive Cambodian pig butchering syndicate, seizing $15 billion in Bitcoin and freezing luxury London properties in the largest crypto forfeiture action in Department of Justice history.
The coordinated international law enforcement operation was focused on the Prince Group, a massive international criminal organization, along with its leader, an executive called Chen Zhi, who apparently directed forced-labor compounds where trafficked victims perpetrated large romance scams and various fraudulent crypto investment schemes.
The Cambodian pig butchering syndicate used to employ sophisticated online manipulation tactics to convince individuals to invest in fake crypto platforms.
Read also: UK Seizure of £5.5bn Bitcoin Reveals Biggest Crypto Fraud In History
Sophisticated Criminal Enterprise Unraveled
The Cambodian pig butchering syndicate operated through an intricate network of over 100 shell companies, where Huione Group alone laundered more than $4 billion in illegal profits between 2021 and 2025.
According to court filings, Chen Zhi managed four core Bitcoin addresses that obtained $1.77 billion over a two and a half year period:
- bc1qeth6n6ryxexvkx34wnx3nuynun4474h3j0gkhw
- bc1q2we5eqjj8je6lz9xwjattpc3pn4jejc5h0s70f
- bc1qnujzvts45qka3cr2eqqw8ur3q6g6s0ze2wlk5m
- Bc1qw4fxztd5u3sl7vrcqwk2a8v5zh5dllvckx3tlt
The organization also operated Bitcoin mining through Warp Data Technology Sole Co., a Bitcoin mining enterprise in Laos. Moreover, the crypto crime syndicate used brutal methods of intimidation to maintain control over its workers, with evidence including images of beatings presented in U.S. District Court.
Read also: SEAL’s New Fight Phishing Scams Tool Uses Cryptographic Proof to Expose Fake Sites
Implications on a Global Level for the Enforcement of Crypto Crime
Today’s action regarding the Cambodian pig butchering syndicate shows an unprecedented international coordination effort to fight crime in the crypto area.
UK authorities simultaneously froze 19 properties, including a mansion on Avenue Road worth more than £12 million and an office building located on Fenchurch Street, while the U.S. Treasury Department classified Prince Group, the family’s business, as a transnational criminal organization.
The seizure marks a historic moment for crypto compliance, a milestone showing law enforcement’s growing capability to trace and recover illicit digital assets across international borders.
Read also: Crypto Social Engineering Scam Costs Victim $91M in 783 Bitcoin Heist
How to Safeguard Yourself Against Crypto Scams
IMPORTANT: If you think you’re being targeted by a “pig butchering” scam, terminate contact immediately and avoid sending any payment, money, or crypto. Contact your local authorities and report the incident to the Internet Crime Complaint Center (IC3) of the FBI or related agency in your jurisdiction, if any.
Next, alert your bank and any crypto exchanges you might have dealt with during the scam operation, and be prepared to provide the scammer’s contact information, specific wallet addresses, and the complete history of your conversations to assist investigators.
FAQs
What happens to the seized Bitcoin from the Cambodian Pig Butchering Syndicate?
The $15 billion in Bitcoin is now in U.S. custody through historic forfeiture proceedings, with funds potentially redirected to victim compensation and law enforcement efforts.
What is “pig butchering” in crypto scams?
It’s a romance scam technique where criminals build fake online relationships before convincing victims to invest in fraudulent cryptocurrency platforms, gradually increasing investments until funds disappear.
How large was this criminal operation?
The network generated up to $30 million daily at its peak, with Huione Group processing over $98 billion in total cryptocurrency inflows since 2021.
For more crypto crime stories, read: INTERPOL’s Global Financial Crime Operation Recovers $439M, Freezes 400 Crypto Wallets
