Overview

• Prosecutors say 127,271 bitcoin tied to alleged fraud were taken into U.S. custody through a civil forfeiture filing from unhosted wallets controlled by Chen Zhi.
• An indictment unsealed in Brooklyn accuses the Prince Group chairman of running forced‑labor scam compounds in Cambodia that used trafficked workers to execute long‑running crypto investment frauds.
• Chen remains at large and, if convicted of wire‑fraud and money‑laundering conspiracies, faces a potential sentence of up to 40 years in prison, according to officials.
• Treasury imposed sweeping sanctions on the Prince Group network, with OFAC designating 146 people and entities and FinCEN moving to sever Cambodia‑based Huione Group from the U.S. financial system.
• U.K. authorities announced parallel measures, including freezing more than £130 million in London properties, as prosecutors detailed proceeds spent on yachts, jets and artwork, including a Picasso, and a Brooklyn cell that helped defraud over 250 U.S. victims.