Overview

• Federal prosecutors unsealed an EDNY indictment charging Prince Group founder Chen Zhi with wire‑fraud and money‑laundering conspiracies; he remains at large and faces up to 40 years if convicted.
• Authorities placed 127,271 bitcoin — worth about $15 billion — into U.S. custody from unhosted wallets allegedly controlled by Chen, which the DOJ calls its largest forfeiture to date.
• The indictment details trafficked workers confined in Cambodian compounds and forced to run investment scams using phone farms, including facilities managing 76,000 social media accounts.
• Treasury’s OFAC sanctioned 146 people and entities tied to the network, FinCEN moved to sever Huione Group from the U.S. financial system, and the U.K. froze London properties valued at over £130 million.
• Prosecutors say stolen crypto was laundered through businesses and exchanges and spent on yachts, private jets, luxury real estate, and even a Picasso, with a Brooklyn cell moving millions from more than 250 U.S. victims.