U.S. prosecutors unsealed an indictment charging Prince Holding Group chairman Chen Zhi with orchestrating a sprawling “pig‑butchering” crypto fraud tied to scam compounds in Cambodia. Authorities say they seized 127,271 bitcoin linked to the operation and describe the case as one of the largest investment‑fraud operations in history.

U.S. prosecutors announced a major transnational enforcement action against Chen Zhi, chairman of Prince Holding Group, alleging he oversaw an expansive crypto investment fraud that used Cambodia‑based scam compounds employing forced labor. The indictment alleges operators lured victims with romance and investment pitches, convinced them to move funds into crypto, and laundered proceeds through shell companies and luxury purchases; investigators reported seizing 127,271 bitcoin tied to the scheme, a haul valued in the billions that U.S. authorities say makes this one of the largest fraud recoveries on record. The case underscores intensified coordination between U.S. law enforcement and regional partners to dismantle Southeast Asia‑based scam centers and to trace crypto proceeds into tangible assets. Prosecutors framed the matter as both a human‑exploitation and financial‑crime priority, noting the operational links between social‑engineering tactics, crypto rails, and cross‑border money‑laundering. The indictment and asset seizures are likely to shape future efforts to interdict pig‑butchering networks and recover stolen digital assets.