Overview

• Federal prosecutors unsealed charges in Brooklyn against Prince Group chairman Chen Zhi for wire fraud conspiracy and money laundering conspiracy; he remains at large and faces up to 40 years if convicted.
• The Justice Department filed a civil forfeiture complaint for 127,271 BTC—roughly $14–15 billion—described as the largest forfeiture action in DOJ history, with the bitcoins already in U.S. custody.
• Officials allege Prince Group ran coercive compounds in Cambodia that trafficked workers to execute long‑running crypto investment frauds using large phone farms and tens of thousands of fake accounts.
• Proceeds were allegedly laundered through shell firms, gambling and crypto‑mining operations in Asia and the U.S., funding luxury assets including yachts, jets, real estate and a Picasso purchased in New York.
• Coordinated measures designated Prince Group and associates for sanctions, with OFAC listing 146 targets, FinCEN cutting off Huione Group from the U.S. financial system, and the U.K. freezing London properties linked to the network.