- Sanctions have been imposed on the Prince Group Transnational Criminal Organization for online scams and money laundering.
- Elliptic identified cryptocurrency wallets linked to sanctioned entities with transactions worth billions of dollars.
- Chen Zhi, chairman of Prince Group, was indicted and had $15 billion in Bitcoin seized.
- The scams involve forced labor and human trafficking in compounds across Cambodia.
- Additional sanctions target related organizations including Jin Bei Group, Byex Exchange, and financial services conglomerate Huione Group.
On October 14, 2025, the U.S. Department of the Treasury and the United Kingdom’s Foreign, Commonwealth, and Development Office (FCDO) took coordinated action against the Prince Group Transnational Criminal Organization, a Southeast Asia-based syndicate involved in large-scale online scams and money laundering.
The Office of Foreign Assets Control (OFAC) sanctioned 146 individuals and entities connected to the group, led by Cambodian national Chen Zhi. Concurrently, the Financial Crimes Enforcement Network (FinCEN) designated the Huione Group a “primary money laundering concern,” cutting it off from the U.S. financial system.
According to the Treasury’s press release, the scams defrauded Americans of more than $16.6 billion through fraudulent investment schemes known as “pig butchering.” Victims were forced to work in abusive conditions under human trafficking operations.
OFAC identified four bitcoin addresses tied to Chen Zhi, holding roughly $1.8 billion in Bitcoin. Elliptic also found an additional wallet, not sanctioned, containing about $560 million. These funds largely came from bitcoin mining activities between 2021 and 2022 linked to Prince Group’s Laos-based mining company, Warp Data Technology Lao Sole Co.
The sanctions include Jin Bei Group Co. Ltd., a luxury hotel and casino company connected to Prince Group that runs scam compounds with forced labor and has reported fatal incidents. Jin Bei’s online gambling and Telegram marketplace have received over $280 million in cryptocurrency, mainly in USDT stablecoins.
The UK government sanctioned Byex Exchange, a UK-based platform linked to Jin Bei and Prince Group, which has processed at least $1.3 billion in cryptocurrency transactions.
Alongside these sanctions, the U.S. Department of Justice unsealed an indictment charging Chen Zhi with wire fraud and money laundering conspiracy. The DOJ also seized approximately 127,271 Bitcoin, valued at $15 billion, from cryptocurrency wallets controlled by Zhi. He currently remains at large.
The transparency of blockchain technology facilitated tracking and seizure of illicit funds. According to the original report, cooperation between authorities and industry is essential to protect customers and uphold the security of digital assets.
For more details, see the FCDO notice, OFAC designation, and DOJ indictment.
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