A major crackdown has resulted in the seizure of $15 billion in cryptocurrency from an investment scheme known as “pig butchering.” The scheme, operated by Chinese émigré Chen Zhi and his associates, allegedly emanated from forced labor camps in Cambodia.
Chen Zhi is charged with money laundering conspiracy and wire fraud conspiracy. Prosecutors say he turned the Prince Group into one of Asia’s largest transnational criminal organizations. Authorities have seized 127,271 bitcoin, currently valued at $15 billion.
The investigation, led by the FBI, reveals a widespread operation involving at least 10 forced labor camps across Cambodia since 2015. The scheme used phone farms and automated call centers to contact victims on messaging apps and social media, sometimes using fake profiles.
Prosecutors say Chen Zhi and his co-conspirators bribed public officials in China and elsewhere to stay ahead of investigations. They allegedly used physical violence at the camps to keep laborers in check.
The $15-billion crypto seizure is the largest forfeiture action in Justice Department history. Authorities are warning Americans about the rise of cryptocurrency-investment scams, which can ruin lives and families.
Source: https://edition.cnn.com/2025/10/14/politics/cryptocurrency-investment-scheme-charges-forced-labor-camps