The post FBI Seizes Record $15 Billion in Bitcoin from Cambodia-Based “Pig Butchering” Scam Network ⋆ ZyCrypto appeared on BitcoinEthereumNews.com. Advertisement &nbsp &nbsp The US Federal Bureau of Investigation (FBI) director Kash Patel has announced that the US Department of Justice (DOJ) has seized over $15 billion worth of Bitcoin from a “pig butchering” scam based out of Cambodia. The move represents the biggest asset forfeiture (government seizure) in the history of the country in crypto or otherwise. The DOJ has also named Chen Zhi, a man of Chinese origin, as a Person of Interest (PoI) in the case.  Patel tweeted: “$15 BILLION in bitcoin seized. One of the biggest financial fraud takedowns ever — a global criminal network built on forced labor, money laundering & deception. This FBI took down their empire.” Advertisement &nbsp The DOJ alleges that the 37-year-old Zhi, who is still a fugitive, personally directed a network of scam compounds under the Prince Group. There, people were held and forced to work for him. Furthermore, they state he used physical violence to discipline and control the workers. DOJ prosecutors have officially filed a criminal lawsuit against the so-called Prince group and its notorious transnational criminal activities. Two charges of wire fraud conspiracy and money laundering were presented before the court. He faces up to 40 years in prison for engaging in this alleged extensive criminal activity. What is a Pig Butchering Scam? Despite the term’s apparent violent appearance, it actually describes a particular type of financial crime. It comes from the Chinese phrase “sha zhu pan,” which refers to “fattening a pig before the slaughter”. The financial scam combines romance scams, investment fraud, and cryptocurrency scams to defraud unsuspecting users. In this case, the perpetrators reportedly ran elaborate online scams employing forced labor out of Cambodian compounds. The fraudsters used different psychological operations to force users to make increasing financial contributions over time, DOJ… The post FBI Seizes Record $15 Billion in Bitcoin from Cambodia-Based “Pig Butchering” Scam Network ⋆ ZyCrypto appeared on BitcoinEthereumNews.com. Advertisement &nbsp &nbsp The US Federal Bureau of Investigation (FBI) director Kash Patel has announced that the US Department of Justice (DOJ) has seized over $15 billion worth of Bitcoin from a “pig butchering” scam based out of Cambodia. The move represents the biggest asset forfeiture (government seizure) in the history of the country in crypto or otherwise. The DOJ has also named Chen Zhi, a man of Chinese origin, as a Person of Interest (PoI) in the case.  Patel tweeted: “$15 BILLION in bitcoin seized. One of the biggest financial fraud takedowns ever — a global criminal network built on forced labor, money laundering & deception. This FBI took down their empire.” Advertisement &nbsp The DOJ alleges that the 37-year-old Zhi, who is still a fugitive, personally directed a network of scam compounds under the Prince Group. There, people were held and forced to work for him. Furthermore, they state he used physical violence to discipline and control the workers. DOJ prosecutors have officially filed a criminal lawsuit against the so-called Prince group and its notorious transnational criminal activities. Two charges of wire fraud conspiracy and money laundering were presented before the court. He faces up to 40 years in prison for engaging in this alleged extensive criminal activity. What is a Pig Butchering Scam? Despite the term’s apparent violent appearance, it actually describes a particular type of financial crime. It comes from the Chinese phrase “sha zhu pan,” which refers to “fattening a pig before the slaughter”. The financial scam combines romance scams, investment fraud, and cryptocurrency scams to defraud unsuspecting users. In this case, the perpetrators reportedly ran elaborate online scams employing forced labor out of Cambodian compounds. The fraudsters used different psychological operations to force users to make increasing financial contributions over time, DOJ…

FBI Seizes Record $15 Billion in Bitcoin from Cambodia-Based “Pig Butchering” Scam Network ⋆ ZyCrypto

2025/10/16 07:20

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The US Federal Bureau of Investigation (FBI) director Kash Patel has announced that the US Department of Justice (DOJ) has seized over $15 billion worth of Bitcoin from a “pig butchering” scam based out of Cambodia. The move represents the biggest asset forfeiture (government seizure) in the history of the country in crypto or otherwise. The DOJ has also named Chen Zhi, a man of Chinese origin, as a Person of Interest (PoI) in the case. 

Patel tweeted:

“$15 BILLION in bitcoin seized.

One of the biggest financial fraud takedowns ever — a global criminal network built on forced labor, money laundering & deception.

This FBI took down their empire.”

Advertisement

&nbsp

The DOJ alleges that the 37-year-old Zhi, who is still a fugitive, personally directed a network of scam compounds under the Prince Group. There, people were held and forced to work for him. Furthermore, they state he used physical violence to discipline and control the workers.

DOJ prosecutors have officially filed a criminal lawsuit against the so-called Prince group and its notorious transnational criminal activities. Two charges of wire fraud conspiracy and money laundering were presented before the court. He faces up to 40 years in prison for engaging in this alleged extensive criminal activity.

What is a Pig Butchering Scam?

Despite the term’s apparent violent appearance, it actually describes a particular type of financial crime. It comes from the Chinese phrase “sha zhu pan,” which refers to “fattening a pig before the slaughter”. The financial scam combines romance scams, investment fraud, and cryptocurrency scams to defraud unsuspecting users.

In this case, the perpetrators reportedly ran elaborate online scams employing forced labor out of Cambodian compounds. The fraudsters used different psychological operations to force users to make increasing financial contributions over time, DOJ alleges.

“Prince Group’s investment scams have caused billions of dollars in losses and untold misery to victims around the world, including here in New York, on the backs of individuals who have been trafficked and forced to work against their will”, said US Attorney Joseph Nocella.

What Will Happen to the Prince Group?

The US DOJ has taken an aggressive lead in the prosecution efforts against the Prince Group, which operates businesses across 30 countries. If convicted, the US government will seek to dismantle the entire organization in the country, as well as try to convict its top-tier leadership across the board.

It remains to be seen which countries follow the US’s lead on the matter and initiate cases of their own.




Source: https://zycrypto.com/fbi-seizes-record-15-billion-in-bitcoin-from-cambodia-based-pig-butchering-scam-network/

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