Feds Seize $15 Billion in Bitcoin, Indict Crypto Fraud Kingpin Who Ran Cambodian Forced Labor Camps

In a major crackdown on international cybercrime, U.S. authorities have seized $15 billion in bitcoin connected to one of the largest cryptocurrency fraud operations ever uncovered. The mastermind behind the scheme, Chen Zhi—a UK-Cambodian businessman—was indicted after allegedly orchestrating a fraudulent crypto empire that relied on forced labor camps in Cambodia.

Investigators revealed that Chen Zhi ran sophisticated scam compounds where individuals were held against their will and coerced into participating in large-scale cryptocurrency investment cons, commonly referred to as “pig butchering” scams. These scams typically target unsuspecting victims online, convincing them to invest money in fake digital assets, only to disappear with their funds.

The criminal network exploited both technology and human suffering, with many laborers trafficked and forced to work under harsh and dangerous conditions. Authorities described the operation as a fusion of financial crime and modern slavery, with victims trapped and compelled to facilitate fraudulent transactions on a global scale.

The indictment and bitcoin seizure represent a significant victory for law enforcement, who have been working to dismantle complex cybercriminal organizations operating across borders. This case highlights the urgent need for heightened vigilance against cryptocurrency fraud and continued international cooperation to combat forced labor and trafficking.

Officials are urging anyone approached with unsolicited investment opportunities—especially those involving digital currencies—to exercise extreme caution and verify legitimacy before committing funds.