rewrite this title $15 Billion Bitcoin Seizure: Who is Chen Zhi, the Target of the FBI’s Historic Operation?

The US and UK have announced one of their most extensive sanctions operations to date, targeting a multinational online scam network operating in Southeast Asia. This operation resulted in the seizure of approximately $15 billion worth of Bitcoin believed to belong to Chen Zhi, the chairman of the Cambodia-based Prince Holding Group. The network is accused of operating global online scams, ranging from romance to investment fraud, managed by thousands of forced laborers.

The two countries have imposed sanctions on 146 executives and affiliated companies of the Prince Group conglomerate, which is based in Cambodia.

Allegations of Forced Labor and Global Fraud

In recent years, the illicit online scam industry has rapidly expanded, especially in Cambodia and Myanmar, where thousands of people are trafficked under false job promises and then forced to conduct global internet fraud, including romance scams and fake investment sites, often under the threat of torture.

Prosecutors allege that this scam network laundered billions of dollars, financing extravagant purchases such as luxury yachts, private jets, and even a Picasso painting. The US Treasury Department called the action “the largest operation ever conducted in Southeast Asia.”

Who is Chen Zhi? What is Prince Group?

According to the US Department of Justice (DoJ), Chen Zhi (also known as Vincent Chen), 38, is the founder and chairman of the Prince Holding Group. The company publicly describes its business areas as “real estate development, financial services, and consumer services.”

US authorities assert that Chen is being prosecuted for wire fraud conspiracy and money laundering conspiracy, accusing him of running the scam compounds and forced labor camps in Cambodia.

Billions in Assets Frozen

As part of the investigation, US and UK authorities seized an estimated $15 billion worth of Bitcoin (approximately 127,271 BTC) and froze Chen’s assets in London. These assets include a £12 million mansion on Avenue Road, a £95 million office building in the City of London financial district, and several luxury apartments.

FBI Director Kash Patel stated, “Today, we have dealt a blow to one of the largest financial fraud operations in history.” The DoJ considers this the largest forfeiture action in its history.

Who Else is on the Sanctions List?

The US has blacklisted dozens of Chen Zhi’s business partners. Additionally, over 100 companies registered in Cambodia, Singapore, Hong Kong, and Taiwan were sanctioned due to their links to Chen.

Cambodia’s Response and Concerns

Touch Sokhak, spokesperson for the Cambodian Ministry of Interior, stated that the country is open to international cooperation. He said, “We do not protect individuals who violate the law. However, this does not mean we acknowledge that Prince Group or Chen Zhi has committed a crime.”

Experts caution that while the sanctions are a significant step, the scam industry is enormous across the region. According to United Nations data, 100,000 people in Cambodia, 120,000 in Myanmar, and tens of thousands more in other regional countries are being subjected to this forced labor. Observers warn that other criminal networks could quickly fill the void left by any arrests.

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