DOJ Seizes 127,271 BTC; Chen Zhi Indicted in Fraud Case

The US Department of Justice filed a civil forfeiture action for 127,271 BTC (approximately $15B), which are in U.S. custody pending court review.
An indictment was unsealed against Prince Group chairman Chen Zhi in New York, linked to large-scale online investment fraud over multiple years.
Chen is accused of running Cambodian forced-labor scam compounds involved in "pig-butchering" schemes targeting victims globally.
The scams allegedly used organized recruitment and coercion, moving proceeds across crypto wallets and services.
This marks the largest forfeiture action in Justice Department history, with coordinated sanctions actions by the Treasury and the U.K. targeting related networks.
The case highlights the vast scale of these fraud rings and could set precedents for fund tracing and recovery, impacting exchanges and compliance practices.
Southeast Asia remains a focal point for enforcement against crypto-enabled frauds.