Who is Chen Zhi? The Man Behind the $15 Billion in Bitcoin Seized by the US Government

Bittime - The crypto world has been rocked again with big news:the United States government successfully confiscatedBitcoinworth 15 billion dollarsfrom a network led byChen Zhi, Cambodian entrepreneur and founderPrince Holding Group. This case is referred to asthe largest seizure of crypto assets in the history of the US Department of Justice (DOJ).

Who exactly is Chen Zhi, and how is he connected to a global crypto fraud network involving forced labor and cross-border money laundering?

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The $15 Billion Scandal: The Largest Crypto Case in DOJ History

According to reportsCBS News (October 15, 2025), the FBI and US federal prosecutors accused Chen Zhi of running“pig butchering” scheme, a method in which victims were lured into investing in fake cryptocurrencies. After the victims transferred their digital assets, Chen's network allegedly stole the funds, laundered them through various channels, and used them for a lavish lifestyle.

The DOJ asserted that the seizure of $15 billion in Bitcoin was a monumental step indismantle a transcontinental financial crime network. This case also highlights the role ofCambodia as a hub for cryptocurrency operations and money laundering in Southeast Asia.

Who is Chen Zhi and what is Prince Holding Group?

Chen Zhi (37 years old) is known as a young entrepreneur who leadsPrince Holding Group, one of Cambodia's largest conglomerates with businesses in the real estate, finance, and consumer services sectors. However, behind his glamorous business image, Chen is now an international fugitive after formal charges were unsealed in Brooklyn federal court.

According to US Department of the Treasury, Prince Group has now been designated astransnational criminal organizations. More than 140 entities under the group also had their assets frozen.

Allegations of Criminal Network and Forced Labor

The DOJ investigation revealed that Chen and his network allegedlytrafficking hundreds of people for forced laborin closed complexes in Cambodia. These workers are employed to run online fraud operations, under strict surveillance and the threat of violence.

Mark Taylor, a former anti-human trafficking activist in Cambodia, said that Chen hadstrong connections with political elites, even had time to become a personal advisorPrime Minister Hun ManetThis demonstrates Chen's deep influence within Cambodia's power structure and explains the difficulties of law enforcement in the country.

Impact on the Global Crypto World

This case becomesa stern warning to crypto investors worldwide. The "pig butchering" scheme is becoming increasingly prevalent on social media, exploiting the popularity of digital assets like Bitcoin. The FBI confirmed that Chen Zhi's operation was areal examples of howblockchain technologycan be misused for transnational crimes.

In addition, the seizure of 15 billion dollars worth of Bitcoin couldcausing temporary fluctuations in the crypto market, especially because the amount is very large and could affect global liquidity if auctioned or sold by US authorities.

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Conclusion

The Chen Zhi case and the seizure of $15 billion in Bitcoin marked a major turning point in digital asset law enforcement. On the one hand, it demonstrated the government's ability totracking and prosecuting crypto criminals, but on the other hand, it opens the world's eyes tothe scale of exploitation and money laundering that remains hiddenbehind the glitter of the blockchain industry.

For investors, this is an important reminder to always be wary of crypto investment offers that seem too good to be true.

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FAQ

Who is Chen Zhi?

Chen Zhi is a Cambodian businessman and founder of Prince Holding Group who is accused of running a global crypto fraud network.

How much Bitcoin was seized by the US?

As much as 15 billion dollars in Bitcoin.

What is a pig butchering scheme?

A scam where victims are persuaded to invest in fake crypto projects before their funds are stolen.

Has Chen Zhi been arrested?

Not yet. He remains a fugitive according to the US Department of Justice.

How will it impact the crypto market?

This large seizure could trigger short-term volatility in the global Bitcoin market.