US Seizes $14B in Bitcoin, Charges Cambodian Businessman Chen Zhi in Massive Crypto Scam

NEW YORK, USA — The US government has seized over $14 billion in bitcoin and charged Chen Zhi, founder of the Cambodian business empire Prince Group, in connection with what authorities are calling a massive cryptocurrency fraud scheme involving forced labour camps.

Chen, a UK and Cambodian national, was charged on Tuesday in New York with wire fraud conspiracy and money laundering. His businesses were also targeted in a coordinated effort between the US and UK governments, which included sanctions and asset freezes.

As part of the crackdown, the UK government froze assets linked to Chen’s network, including 19 properties in London, one valued at nearly £100 million (US$133 million).

Authorities say the investigation uncovered evidence of illegal financial activities spanning multiple countries, highlighting the growing scrutiny on cryptocurrency operations and international business networks.

The case has sent shockwaves through global financial and tech circles, marking one of the largest cryptocurrency seizures in history and signaling increased cooperation between governments in tackling complex financial crimes.