The Department of Justice has announced the criminal indictment of a U.K. and Cambodian national and simultaneously said it had filed a civil forfeiture action against $15 billion of connected cryptocurrency assets, the largest forfeiture action in the DOJ’s history.
A Brooklyn federal grand jury indicted Chen Zhi, also known as ‘Vincent,’ 37, the founder and chairman of Cambodia-based Prince Holding Group (Prince Group), for allegedly running a vast cryptocurrency investment fraud network built on forced labor.
According to the unsealed indictment, Prince Group operated scam compounds across Cambodia where individuals were held against their will and forced to carry out “pig butchering” crypto investment schemes — online scams that lured victims into fraudulent digital asset investments and stole billions of dollars from people in the United States and worldwide.
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