407/68 Thursday, October 16, 2025
The U.S. Department of Justice (DOJ) announced the seizure of more than $15 billion worth of cryptocurrency (approximately 560 billion THB) from the leaders of the cybercrime network known as Prince Group, which orchestrated a massive crypto investment scam, also referred to as “Pig Butchering.” Victims were tricked into transferring money through dating apps, social media, and private chats, where fraudsters first built trust before luring them to invest in fake platforms, eventually funneling funds into accounts controlled by the group.
Court documents revealed that Prince Group established more than 100 shell and nominee companies across 30 countries, while forcing thousands of trafficked workers into compounds in Cambodia to operate the online scams. These compounds, fortified with high walls and barbed wire, functioned as hubs for victim manipulation and call centers, using millions of phone numbers to reach targets worldwide. Workers were subjected to violence and threats to prevent escape.
The main suspect, Chen Zhi (also known as Vincent), the chairman of Prince Group, remains at large. He allegedly played a central role in bribing government officials, managing forced-labor compounds, and employing advanced money-laundering techniques such as “spraying” and “funneling” to disperse and conceal illicit crypto funds. The proceeds were laundered into luxury assets, including yachts, private jets, vacation homes, and even Picasso paintings.
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) and the U.K. government have imposed sanctions on Chen Zhi and 146 associates linked to the network. U.S. authorities estimate that online investment scams caused over $16.6 billion in losses in 2024, with the majority originating from Southeast Asia.
