U.S. Indicts Prince Group for Crypto-Related Human Trafficking and Fraud
- Chen Zhi, founder of Prince Group, was indicted in New York for money laundering and wire fraud.
- The U.S. seized a record $14.4 billion worth of Bitcoin (127,271 BTC) linked to the group’s operations.
- The Department of Justice described the group as one of Asia’s largest transnational criminal organizations.
- Prince Group was involved in “pig butchering” scams targeting individuals in the U.S., often under coercion.
- The U.S. Treasury sanctioned Prince Group, blocking its financial activities within the U.S.
This action marks a significant effort against human trafficking and cyber-enabled fraud, with authorities emphasizing the impact on victims’ finances and well-being.
The seizure of $14.4 billion in Bitcoin underscores the scale of illicit activities tied to Prince Group’s operations in Cambodia and beyond.
