US gov't seizes $15 billion BTC, largest cryptocurrency forfeiture in history by DOJ

The ￰0￱ of Justice (DOJ) made the largest cryptocurrency forfeiture in the department’s history earlier today after it announced seizing roughly $15 billion worth of Bitcoin from a criminal network running forced-labor cyber-fraud operations from ￰1￱ network is allegedly controlled by Chen Zhi, also known as “Prince Chen” or “Vincent,” the chairman of Prince Holding Group, one of Cambodia’s most prominent ￰2￱ accuse Chen of orchestrating sprawling scam compounds that trafficked and enslaved thousands of workers to run fraudulent online investment schemes, including “pig-butchering” crypto scams that defrauded victims around the ￰3￱ indictment , unsealed in New York on Tuesday, October 14, 2025, charges Chen and several associates with conspiracy to commit wire fraud and money ￰4￱ said the case involves 127,271 Bitcoins, valued at about $15 ￰5￱ forfeiture, now in U.

S. custody, surpasses all previous cryptocurrency seizures by the ￰6￱ Chen built a scam empire on coercion According to the Justice Department, Chen’s organization operated under the guise of operating real estate development, financial services, and consumer services with the Prince Group, but was in fact a vast network of forced-labor compounds spread across ￰7￱ of workers, many trafficked from neighboring Asian countries, were held in heavily guarded facilities where they were coerced into conducting online romance and investment scams targeting victims in the U. S., Europe, and ￰8￱ found evidence of torture, intimidation, and wage confiscation within these ￰9￱ were forced to create fake online personas to lure unsuspecting individuals into fraudulent cryptocurrency investments, known as ￰10￱ ￰11￱ of the Treasury, working in tandem with the DOJ, has now designated Prince Group and several affiliated entities as a transnational criminal ￰12￱ a coordinated move, the ￰13￱ imposed sanctions on Chen and his ￰14￱ billions across the blockchain Per the DOJ’s forfeiture filing, the proceeds were laundered through thousands of blockchain addresses using sophisticated techniques to obscure their source before consolidation into wallets controlled by Chen’s ￰15￱ $15 billion seizure stems from approximately 127,271 BTC traced to unhosted wallets held under Chen’s ￰16￱ said the assets are now secured by the government pending forfeiture ￰17￱ size of the forfeiture has stirred conversation among stakeholders and observers, including on-chain sleuth ￰18￱ independent analyst implied that the US government or another entity that transferred the BTC to them might have cracked the wallet addresses listed in its ￰19￱ pointed to the addresses being mentioned in the “Milky Sad report ~2 years ago for having vulnerable private keys.” Now that the United States Government has custody, the on-chain sleuth is convinced that the $14 billion loot was not handed over ￰20￱ recent years, ￰21￱ have stepped up enforcement against Southeast Asian scam syndicates , which have grown into industrial-scale operations combining human trafficking, crypto fraud, and money ￰22￱ worked with counterparts in the ￰23￱ the Isle of Man, who, according to the filing, provided valuable assistance during the ￰24￱ global crackdown on crypto-trafficking syndicates The seizure shows that Washington is serious in its pursuit of global cybercrime networks exploiting cryptocurrency ￰25￱ September, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on large networks of scam centers across Southeast ￰26￱ on the forfeiture, ￰27￱ General Pamela Bondi said, “Today’s action represents one of the most significant strikes ever against the global scourge of human trafficking and cyber-enabled financial fraud.” As the case proceeds to court, Chen remains at large as he faces up to 40 years in prison on the combined fraud and money-laundering ￰28￱ your project in front of crypto’s top minds?

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