The U.S. Department of Justice has seized about $15 billion in bitcoin linked to a man accused of running a large “pig butchering” crypto fraud in Cambodia. The DOJ said it is the largest forfeiture in its history, CNBC reported.
Chen Zhi, also known as “Vincent,” remains at large. He is accused of leading Prince Holding Group, a Cambodia-based conglomerate prosecutors say operated as a major criminal network across Asia.
DOJ Alleges Bribery in Crypto Scheme
The group allegedly ran forced-labor compounds where trafficked individuals were made to conduct crypto scams. Victims, often contacted online, were persuaded to transfer funds with promises of investment returns. Prosecutors say the money was stolen and laundered.
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Authorities also allege Zhi and his associates used political influence and bribery to protect the operation in multiple countries.
SEC Warns About Rising Pig Butchering
Meanwhile, the U.S. Securities and Exchange Commission’s Office of Investor Education and Advocacy has launched a public campaign to raise awareness about relationship-based investment scams, often called romance scams, financial grooming scams, or “pig butchering” schemes.
These scams typically start with unsolicited messages on social media or dating apps, where scammers build trust over time before convincing victims to invest in fraudulent opportunities.
The Commodity Futures Trading Commission has also initiated a similar campaign, “Dating or Defrauding?”, highlighting nearly $4 billion in losses last year.
The SEC’s campaign includes educational videos, resource pages, and guidance advising investors to avoid unknown contacts, be skeptical of unsolicited offers, and report suspicious activity. Officials emphasized that such scams can result in billions of dollars in losses annually, underlining the importance of investor vigilance.
