Index
ToggleOn October 14, the US Department of Justice announced an indictment against Chen Zhi (also known as Vincent), founder and chairman of Cambodia-based Prince Holding Group. According to the accusation, Chen was behind a series of disguised forced labor camps where hundreds of people were forced to participate in global cryptocurrency investment fraud.
The victims – many from countries across Southeast Asia – were kept in fortified compounds with high walls, barbed wire fences and heavy surveillance, threatened, assaulted and forced to participate in online scams that stole money from investors in the United States and dozens of other countries.
Prince Holding – “Camouflage Empire” for Transnational Crime
According to investigation documents, Prince Holding was promoted as a multi-industry corporation operating in the fields of real estate, finance, consumer goods and technology, but in reality it was a cover for one of the largest financial crime organizations in Asia.
Since around 2015, the group has expanded its operations to more than 30 countries. Thanks to complex political relationships and bribery of officials, Chen and his associates have created a sophisticated money laundering network, using online gambling services and cryptocurrency mining projects to legitimize illegal sources of money.
Some of the huge fortune was spent on luxury items: designer watches, yachts, jets, holiday homes and even a rare Picasso painting.
US seizes more than 127,000 Bitcoins – largest asset seizure in history
According to the US Department of Justice, in a coordinated operation between federal agencies and international partners, 127,271 Bitcoins (equivalent to nearly $15 billion) were seized – marking the largest seizure of digital assets to date.
US Attorney General Pam Bondi affirmed:
“This is one of the Trump administration’s most aggressive strikes yet against transnational financial crime and cyber-trafficking. The U.S. government will continue to work with countries in the region to dismantle these criminal networks.”
Previously, President Trump declared at a press conference in Washington that the US will have zero tolerance for cryptocurrency crimes and will "pursue high-tech criminal organizations that threaten the global financial order."
On the same day, the British government froze 19 London properties linked to Chen's network. The total value is estimated at more than $130 million, including a nearly $20 million mansion in North London.
This action shows the close coordination between the US and the UK in combating cross-border money laundering, especially in the context that cryptocurrencies continue to be a tool exploited by many international criminal organizations.
According to a United Nations report, hundreds of thousands of people in Southeast Asia alone have fallen victim to human trafficking and forced labor in online scam centers. Many are located in Cambodia, Myanmar, Laos and the Philippines, disguised as technology companies or cryptocurrency investment platforms.
A 2023 UN report estimated that these criminal networks generate billions of dollars in illegal profits each year. Chen Zhi’s case is just the tip of the iceberg in the region’s booming cybercrime industry.
