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Posted on 10/14/2025 5:29:15 PM PDT by Libloather
Bitcoin valued at $15 billion has been seized by the Department of Justice (DOJ) from a massive "pig butchering" network, and in what officials say is the "largest forfeiture action in U.S. history."
Federal prosecutors in Brooklyn, New York, unsealed an indictment Tuesday charging Chen Zhi, also known as "Vincent," leader of the Prince Holding Group, in connection with the crypto scam scheme, based out of Cambodia.
Zhi, 37, who is still at large, is also accused of directing Prince Group’s operation of forced-labor scam compounds across the country. The DOJ said Zhi used violence to discipline workers.
Images of beatings were included in the evidence unsealed in the U.S. District Court for the Eastern District of New York.
Prosecutors also allege the company was a front for one of Asia’s largest criminal enterprises.
"As alleged, the defendant directed one of the largest investment fraud operations in history, fueling an illicit industry that is reaching epidemic proportions," said Joseph Nocella, Jr., U.S. Attorney for the Eastern District of New York.
According to court documents seen by FOX Business, Zhi built Prince Group, which claimed to invest in real estate, finance, and consumer services across more than 30 countries, into a massive network of "phone farm" compounds.
There, trafficked workers were allegedly forced to carry out scams that lured victims online through fake romantic relationships, pleas for financial help, or promises of lucrative cryptocurrency investments. Such schemes are referred to as "Sha Zhu Pan" or "pig butchering," according to the DOJ.
(Excerpt) Read more at foxbusiness.com ...
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The “pigs” are actually people, the pig is a pejorative for them being livestock to make money off of for these people.
> Who had pig butchering in Cambodia? <
I recently read an article about this. Young folks from China and elsewhere are lured to Cambodia with false promises of work. Then they are housed in prison-like conditions, and are forced to run online scams.
Why Cambodia? Evidently the authorities there are easy to bribe. They take the cash, and then look the other way.
Wikipedia had a decent entry about this.
https://en.wikipedia.org/wiki/Scam_centers_in_Cambodia
I’ve never done the crypto currency thing so the interesting things to me in this article are:
-I guess those that think crypto is “safe” from government intrusion are seriously deceived.
-I presume the feds won’t be using this seizure to buy a bunch of stuff on Amazon, so how do they use it? CIA’s own black ops on the web?
$15 Billion would be a lot of G.I. paychecks while Schumer’s Shutdown drags on.
the guy is still at large?
he’s operating in cambodia?
exactly how did they ‘seize’ the bitcoins?
It’s got to do with something from some Indonesian tribes.
If you read The Peace Child, the Sawi culture had something they referred to as fattening with friendship for the slaughter. They would capture a wild pig and tame it by feeding it, until one day they killed it for food.
They applied the same treachery to humans and would feign friendship with someone from another tribe to ultimately kill him and consume him (literally).
It was considered the epitome of Sawi manhood. The greater the treachery, the more respect gained by the engineer of the scheme.
That left Judas the hero in the gospel account something the missionaries needed to address.
It’s a GREAT book and well worth the read.
that would be the take away from the article.
my guess is they went thru legal channels to serve biance or coinbase with court documents allowing them to seize his accounts
A fool and his crypto are soon parted.
From the market adage “Bulls make money, Bears make money, and Pigs get butchered...”
I thought “crypto” was suppose to be untouchable by the government? I’m not argueing the merits of the case.
So how does the DOJ cash in this set of ones and zeros?
That is more than the combined GDP of Lesotho and Montenegro.
Chen Zhi is a Chinese name. So this may come out of Cambodia but I suspect it has a Chinese origin.
I had wondered the same about past crypto “seizures”. It seems that those involved someone with the keys turning them over as part of a deal for a reduced sentence for themselves. I would bet that is the case here also. This was a large organization, and while the head man is still being looked for, there are plenty of smaller fish that don’t want to fry.
Use it to pay the military.
The crypto will be sold or added to the US government crypto reserve.
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