Massive Cybercrime Network Targeted with $15 Billion in Seized Bitcoin, London Asset Freeze
London/Washington D.C. – U.S. and UK authorities have taken action against Chen Zhi and the Prince Group, alleging they orchestrated a vast cybercrime empire built on forced labor and fraudulent schemes that stole billions of dollars from victims globally. The operation includes the seizure of $15 billion (£11.3bn) in bitcoin and the freezing of London properties linked to the group, marking one of the largest financial fraud takedowns in history, according to FBI Director Kash Patel.
Chen Zhi is identified by the U.S. assistant attorney general as the “mastermind behind a sprawling cyber-fraud empire” operating under the Prince Group umbrella. He and over a dozen other individuals believed to be involved in his business were placed on a U.S. sanctions list in October. More than 100 business entities registered in Cambodia, Singapore, Hong Kong, and Taiwan, among other locations, were also sanctioned due to alleged links to Chen.
The U.S. Justice Department alleges individuals were forcibly detained in scam compounds connected to the group and compelled to participate in a range of fraudulent schemes. Frozen assets in London include a £12 million mansion on Avenue Road, a £95 million office block on Fenchurch Street, and several central London flats.
While Cambodia’s interior ministry spokesperson, Touch Sokhak, stated the government will cooperate with international investigations, they maintain they are “not protecting individuals that violate the law,” but also clarified, “it does not mean that we are accusing Prince Group or Chen Zhi of committing crimes like the allegations made by the US or the UK.”
Despite the sweeping sanctions,experts warn the scam industry remains substantial. The UN estimated in 2023 that approximately 100,000 people were being forced to carry out online scams in Cambodia, with at least 120,000 in Myanmar and tens of thousands more in Thailand, Laos, and the Philippines. Concerns exist that arrests may create a vacuum for other transnational criminal groups to exploit the situation.
