DOJ Seizes $15B in Bitcoin from Prince Holding Group Founder Chen Zhi in Massive Crypto Fraud Bust
The U.S. Department of Justice (DOJ) has seized more than $15 billion in Bitcoin linked to one of the largest cryptocurrency fraud operations in history — a global “pig butchering” scam allegedly orchestrated by Chen “Vincent” Zhi, the founder of Prince Holding Group.
According to federal prosecutors in Brooklyn, Chen operated a criminal empire stretching across more than 30 countries, funneling billions through fraudulent crypto schemes and forced-labor “phone farms” in Cambodia. These operations reportedly forced trafficked workers to lure victims online with fake investment pitches, romantic relationships, and pleas for financial help.
One of the Largest Investment Fraud Operations Ever
Prosecutors allege that Chen and his associates built Prince Group under the guise of a legitimate investment and real estate conglomerate. In reality, it was a massive global money-laundering machine, bringing in as much as $30 million a day at its peak.
Funds were allegedly used to buy luxury real estate in London, private jets, yachts, and even a Picasso painting purchased in New York. Authorities described the operation as one of the most sophisticated examples of transnational investment fraud ever uncovered.
The seized Bitcoin — totaling 127,271 coins — is now in U.S. custody.
What Is “Pig Butchering”?
“Pig butchering” scams are elaborate online frauds where criminals build emotional or financial trust with victims before convincing them to invest in fake crypto or trading platforms. Once funds are transferred, victims are “slaughtered” — their money stolen and accounts wiped clean.
The FBI reported more than $5.8 billion in cryptocurrency investment fraud losses in 2024, highlighting how rapidly these scams are growing in scale and sophistication.
Forced Labor and Human Trafficking Behind the Scams
The DOJ also uncovered horrific conditions behind the fraud — compounds surrounded by barbed wire where trafficked workers were beaten or tortured if they failed to meet quotas. Images in the indictment allegedly show Chen’s subordinates using violence and intimidation to enforce discipline.
U.S. Attorney Joseph Nocella, Jr. described the operation as “one of the largest investment fraud operations in history.”
Silver Miller: Representing Victims of Cryptocurrency Investment Fraud
At Silver Miller, we represent investors who have lost money in cryptocurrency scams like those linked to Prince Holding Group and other pig butchering schemes. Our attorneys have helped victims across the United States recover funds from fraudulent crypto exchanges, brokers, and unregistered investment platforms.
If you or someone you know lost money through a crypto investment that turned out to be fraudulent, our cryptocurrency fraud lawyers can help you:
- Investigate where your funds were transferred.
- Pursue claims against responsible parties and financial institutions.
- Navigate complex international crypto tracing and recovery efforts.
Contact Silver Miller
Cryptocurrency fraud is global, but your recovery starts with the right legal team.
Contact Silver Miller today to speak with an experienced attorney about your crypto investment losses.
We help victims pursue justice — no matter how far the fraud reaches.
