Overview

• An indictment unsealed in Brooklyn charges Chen Zhi with wire‑fraud and money‑laundering conspiracies; he remains at large and faces up to 40 years in prison if convicted.
• Agents took control of 127,271 bitcoin from unhosted wallets linked to Chen, which the Justice Department called the largest forfeiture in its history.
• Court filings allege fortified compounds in Cambodia trafficked and coerced workers to run phone farms and groom victims online before diverting their cryptocurrency.
• The Treasury designated Prince Holding Group a transnational criminal organization, OFAC sanctioned scores of affiliates, and U.K. authorities imposed property freezes tied to the network.
• Prosecutors say proceeds were laundered through shell firms, gambling and crypto operations and spent on luxury assets including yachts, jets and a Picasso, with civil actions positioning for potential victim restitution.