One transaction at a time, the world’s biggest crypto seizure unraveled a global web of fraud, forced labor, and human trafficking.
The $15B Bitcoin Takedown
The U.S. Department of Justice has charged Chen Zhi, chairman of Prince Group, for orchestrating a vast scam network based in Cambodia that allegedly forced victims into labor and online fraud operations. Authorities seized 127,271 BTC (≈ $15 billion) — the largest crypto confiscation in U.S. history. Investigators traced the funds through multiple wallets and exchanges, linking them to fake investment apps and romance scams that drained victims worldwide.
146 Names, One Global Blacklist
The U.S. Treasury’s OFAC designated Prince Group and its affiliates as a Transnational Criminal Organization, sanctioning 146 individuals and entities spanning real estate, casinos, mining, and shell firms. The move aims to choke every funding route: any financial institution dealing with these names risks secondary sanctions — effectively freezing their global operations.
FinCEN “Pulls the Plug” on Huione Group
Simultaneously, FinCEN issued its final rule cutting off Huione Group, labeling it a primary money-laundering hub. Official data shows Huione laundered over $4 billion in illicit funds since 2021 — including $37 million tied to North Korean hackers and multiple cross-border scam proceeds. FinCEN called Huione “the banking core of the scam economy.” From OTC brokers to crypto payment rails, its access to the U.S. dollar system is now terminated.
London Joins the Crackdown
The UK government followed suit, freezing Prince-linked real-estate assets, including a £12 million mansion on Avenue Road and several commercial properties. London, once a quiet exit channel for tainted funds, has now turned into the front line of asset freezes.
The Empire Falls, But the Fight Continues
This wasn’t just a criminal crackdown — it was a real-world audit of crypto’s promise of traceability. Using on-chain forensics, data cooperation, and cross-border warrants, authorities mapped an entire “fraud supply chain” from fake chatrooms to final cash-out.
Tens of thousands of victims remain uncompensated, and hidden laundering nodes still operate in the shadows — but the message is clear: when crypto meets coercion, someone will eventually pull the plug.
💬 Do you think this marks a turning point for crypto law enforcement — or just the beginning of global “on-chain policing”?
