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US seizes $15 billion in crypto from 'pig butchering' kingpin. The U.S. Department of Justice has seized $15 billion in bitcoin from the leader of Prince Group, a criminal organization that stole billions of dollars from victims in the United States through cryptocurrency investment scams, also known as romance baiting or pig butchering. Criminals behind such scams usually contact their targets through social media, dating sites, and messaging apps, build trust, and then lure victims into fake investment schemes. However, instead of investing the funds, the scammers steal the money by moving it into accounts they control. According to unsealed court documents, the Cambodian Prince Group crime ring operates over 100 shell and holding companies across over 30 countries, forcing thousands to become trapped accomplices and targeting countless victims around the world since approximately 2015, while evading law enforcement. The criminals also operated automated call centers that used millions of phone numbers to facilitate their fraudulent schemes. "Prince Group carried out these schemes by trafficking hundreds of workers and forcing them to work in compounds in Cambodia and execute the scams, often under the threat of violence," the DOJ said in a Tuesday press release. "The compounds housed vast dormitories surrounded by high walls and barbed wire, and functioned as violent forced labor camps." Chen Zhi, also known as Vincent, is the chairman of the Prince Group criminal organization and orchestrated a comprehensive cryptocurrency investment fraud scheme, but remains at large. He was directly involved in bribing public officials to avoid disruption by law enforcement, managing the scam compounds, and using violence against individuals within forced labor camps. Zhi also instructed his accomplices to use advanced laundering techniques, including "spraying" and "funneling," spreading large amounts of cryptocurrency across multiple addresses to hide the origins of their illegal cryptocurrency profits, which were later sent to exchange crypto wallets or deposited into bank accounts after conversion to traditional currency. The criminals spent some of the funds on luxury travel, extravagant purchases, and high-value items such as yachts, private jets, and vacation homes, as well as a Picasso painting purchased at a New York City auction. In coordination with the United Kingdom's Foreign, Commonwealth, and Development Office (FCDO), the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) also sanctioned Chen Zhi and 146 other targets within the Prince Group. "U.S. losses to online investment scams have steadily increased over the last several years, totaling over $16.6 billion," OFAC noted. "A U.S. government estimate indicated that Americans lost at least $10 billion to Southeast Asia-based scam operations in 2024, a 66 percent increase over the prior year, with scams like those perpetrated by Prince Group TCO being particularly significant." The Security Validation Event of the Year: The Picus BAS Summit Join the Breach and Attack Simulation Summit and experience the future of security validation. Hear from top experts and see how AI-powered BAS is transforming breach and attack simulation. Don't miss the event that will shape the future of your security strategy