The Largest Crypto Seizure in History: $12+ Billion in Bitcoin Linked to Global Pig Butchering Scams
By G. Vincent Tese, Esq.
Spector Gadon Rosen Vinci PC
**CHECK THE INDEX AT THE END OF THIS ARTICLE**
If you've lost cryptocurrency to what seemed like a legitimate investment opportunity, especially if you were contacted through social media, directed to wire money to New York-based companies, or used unfamiliar trading platforms; scroll to the end of this article. I've compiled an index of all known entities, platforms, and operations connected to this case. If anything looks familiar, contact me immediately at gtese@sgrvlaw.com. Time-sensitive deadlines apply.
What Just Happened
Yesterday, on October 14, 2025, federal prosecutors in Brooklyn filed the largest cryptocurrency civil forfeiture action in history seeking to permanently seize approximately 127,271 Bitcoin (worth over $12 billion at current prices) from what they're calling one of Asia's largest transnational criminal organizations.
This isn't just big; it's unprecedented. And if you lost money to a crypto investment scam anytime in the last decade, you need to pay attention.
My Previous Article on Crypto Recovery Still Applies
A few months ago, I wrote about how victims can recover stolen cryptocurrency through federal seizures. That piece laid out the legal framework: civil forfeiture, victim claim procedures, and the realistic expectations for recovery.
Everything in that article still holds true. But this case is different in scale and specificity. We now know the names, the operations, and the methods of what prosecutors say was a multi-billion-dollar criminal enterprise. Which means if you were scammed, there's a real chance your money is sitting in that $12 billion pile.
The question is: will you assert your right to get it back?
The Operation: Prince Holding Group
According to the 68-page complaint, Prince Holding Group (or "Prince Group") was a Cambodian corporate conglomerate operating in over 30 countries. On paper, it was a legitimate business empire spanning real estate, banking, hospitality, and financial services.
In reality? Federal prosecutors allege it was a criminal organization running forced-labor scam compounds where thousands of trafficked workers were compelled to execute what are known as "pig butchering" scams, which are sophisticated cryptocurrency investment frauds targeting victims worldwide.
The alleged ringleader: Chen Zhi (also known as "Vincent,” not to be confused with me!), a Chinese national with citizenship in Cambodia, Vanuatu, St. Lucia, and Cyprus. He was criminally indicted the same day on wire fraud and money laundering conspiracy charges.
The Infrastructure
What sets this apart from typical crypto scams is the sheer industrial scale:
· At least 10 forced-labor compounds throughout Cambodia
· Phone farms with 1,250 devices controlling 76,000 fake social media accounts
· Millions of phone numbers and passwords purchased from illicit marketplaces
· Detailed training materials on how to manipulate victims
· Over $30 million per day in fraudulent proceeds at peak operations (2018)
How the Scams Worked
If you lost money, this pattern probably sounds familiar:
Stage 1: The "Wrong Number"
You receive a message on WhatsApp, Telegram, or another platform. "Hi, is this Jennifer?" or "Long time no talk!" It's a "wrong number," but the person is friendly. The conversation continues.
Stage 2: The Relationship
Over days or weeks, you build rapport. They share details about their life. Sometimes it turns romantic. Sometimes it's just a new friend who seems genuinely interested in you.
Stage 3: The Opportunity
Eventually, they mention how well they're doing with investments, usually cryptocurrency, foreign exchange, etc. They're happy to show you. Maybe they'll even help you get started. There's a platform they use, an advisor they know.
Stage 4: The Setup
You create an account. You make a small investment. You see returns, which appear to be real returns that you can actually withdraw. So you invest more. The returns keep growing. Your new friend encourages you to invest even more while the opportunity is hot.
Stage 5: The Trap
When you try to withdraw a significant amount, there's a problem. You need to pay a tax. A transaction fee. A verification deposit. Something. You pay it. There's another problem. Then another. Eventually, they stop responding. Your account is frozen. Your money is gone.
The New York Connection: The Brooklyn Network
Here's where this gets specific for U.S. victims, particularly those in or around New York.
The complaint describes a localized operation called the "Brooklyn Network" that operated out of Prince Group's Jinbei Compound in Cambodia but used U.S. infrastructure to process fraud proceeds.
How It Worked
Victims would be instructed to wire money to bank accounts at financial institutions in Brooklyn, Queens, and throughout New York. These accounts were held in the names of Brooklyn- and Queens-based shell companies, which were legitimate-looking corporate entities that existed only to receive and launder fraud proceeds.
*Between May 2021 and August 2022, the Brooklyn Network alone moved more than $18 million from over 250 U.S. victims.
The money didn't stay in those accounts long. It was quickly converted to cryptocurrency (typically USDT stablecoins), moved through complex wallet networks, and sent back to Cambodia where it was further laundered through Prince Group's various businesses.
Shell Companies in the U.S.
While the complaint uses pseudonyms for most entities (like "Exchange-1" or "Trading Platform-1"), it specifically names several shell companies that held accounts at U.S. financial institutions:
· Future Technology Investment ("FTI") - Cayman Islands entity
· Amber Hill Ventures Limited ("Amber Hill") - British Virgin Islands entity
· Lateral Bridge Global Limited ("LBG") - British Virgin Islands entity
· Hing Seng Limited - Hong Kong entity
These companies opened accounts at U.S. banks by falsely claiming they were engaged in "proprietary trading and investing" of "personal wealth." They dramatically understated their transaction volumes, claiming approximately $2 million in monthly activity when they were actually processing $20-30 million per month.
One account linked to these entities was used to purchase luxury items including a Rolex watch and a Picasso painting through a New York auction house.
The Laundering Operations
What makes this case remarkable isn't just the theft, it’s also the sophisticated money laundering infrastructure built to hide it.
Professional Laundering Services
Prince Group used what the complaint calls "professional laundering operations,” also sometimes referred to as "laundering houses," "money houses," or "water houses." These are businesses that specialize in cleaning dirty crypto.
The process: collect fraud proceeds in Bitcoin or stablecoins like USDT, convert them to cash through various means, then use that cash to purchase "clean" cryptocurrency through legitimate sources. The clean crypto goes back to Prince Group, disconnected from its criminal origins.
Mining Operations as Washing Machines
Prince Group funded large-scale cryptocurrency mining operations using stolen money, then claimed the Bitcoin produced was legitimate mining proceeds.
Two specific operations are named:
Lubian - A Chinese mining operation that was at one point the 6th largest Bitcoin mining operation in the world
Warp Data Technology Lao Sole Co., Ltd. ("Warp Data") - A Laos-based operation with a subsidiary in Texas
The complaint alleges that Chen Zhi boasted about these operations, saying "the profit is considerable because there is no cost"—meaning the capital funding them was stolen money.
Here's the red flag: While legitimate mining operations are typically funded 80-90% by newly mined cryptocurrency, Lubian's addresses were only 30% funded by new mining—the rest came from other sources. That's highly unusual and suggests commingling of funds for laundering purposes.
The Spray and Funnel Technique
The complaint also describes how Prince Group used "spraying" and "funneling" techniques:
1. Large amounts of crypto would be split across dozens or hundreds of different wallet addresses (spraying)
2. Then those wallets would all send to a single address (funneling)
3. This process would repeat multiple times
There's no legitimate business reason to do this. It's designed purely to obscure the trail and make it harder for law enforcement and blockchain analysts to trace the funds.
Chen Zhi personally maintained diagrams tracking these movements, essentially keeping a record of his own money laundering, which is now government evidence.
The $12 Billion Question
The forfeited Bitcoin (approximately 127,271 BTC) was stored across 25 wallet addresses personally controlled by Chen Zhi. The government has traced the funding sources for all of these wallets, and they break down into a few categories:
· Bitcoin mining proceeds (both direct and after laundering through mining operations)
· Transfers from crypto exchanges (particularly Chinese and Seychelles-based platforms)
· Transfers from shell company accounts (including the FTI, Amber Hill, and LBG entities mentioned above)
· Proceeds mixed through complex wallet networks
The government is now in possession of these funds. If the forfeiture is successful, that $12+ billion becomes available for victim compensation.
What I'm Still Investigating
The complaint uses pseudonyms for most operational entities, which makes it harder to identify if your specific platform was involved. Here's what I'm working on:
Trading Platform-1
The complaint references "Trading Platform-1" multiple times as a platform victims were directed to use. It doesn't name it specifically, but describes it as "an online trading platform" where victims would:
· Create fraudulent investment profiles
· See fake returns and growing account balances
· Experience difficulties when trying to withdraw
I'm currently researching trading platforms that:
· Operated between 2015-2025
· Had connections to Cambodia or Southeast Asia
· Were promoted through social media and messaging apps
· Showed characteristics of "pig butchering" operations
· May have processed withdrawals through New York accounts
If you used a platform that matches this description, even if it's not specifically named, contact me. The government may have additional non-public information about connected platforms.
Cryptocurrency Exchanges
The complaint mentions:
Exchange-1: Described as "based in China" and noted that "it does not respond to legal process from United States law enforcement," making it "a favored exchange among overseas criminals, particularly in Asia."
Exchange-2: Described as "based in the Seychelles"
Exchange-3 and Exchange-4: Both described as "based in the United States"
I'm working to identify these exchanges through the complaint's descriptions of transaction patterns and known connections to the shell companies. The Seychelles connection is particularly notable, because there are a limited number of major crypto exchanges based there.
Prince Group Business Names
The legitimate Prince Group operated many real businesses, including:
· Prince Real Estate Group
· Prince Huan Yu Real Estate Group
· Prince Bank
· Awesome Global Investment Group
· Yun Ki Estate Intermediary Co., Ltd.
· Jinbei Hotel and Casino (Sihanoukville, Cambodia)
If you were directed to invest through any entity using the "Prince" name or these specific businesses, that's a clear connection.
The Scam Compounds
Three specific locations are named:
· Jinbei Compound - Associated with the Jinbei Hotel and Casino in Sihanoukville, Cambodia
· Golden Fortune Science and Technology Park (also called "Jinyun Compound") - Chrey Thom, Cambodia
· Mango Park (also called "Jinhong Park") - Kampong Speu Province, Cambodia
While you wouldn't have known you were dealing with someone at these physical locations, if your scammer ever mentioned being in Cambodia, particularly Sihanoukville, that's relevant.
What This Means for Victims – “The Opportunity”
Let me be direct about both the opportunity and the reality here.
This is the largest cryptocurrency forfeiture in history. $12+ billion is an enormous asset pool, and federal law provides mechanisms for victims to file claims and potentially recover losses from forfeited assets.
If you were scammed and your losses can be connected to this organization—whether through blockchain tracing, shell company accounts, or other evidence—you have a potential path to recovery.
The Reality
Several hard truths:
1. Total losses likely exceed recovered assets. If Prince Group was bringing in $30 million per day at peak operations over several years, total victim losses are probably well into the tens of billions. Not everyone will recover everything.
2. The burden is on you to prove your claim. The government won't seek you out. You must affirmatively file a claim, provide documentation, and meet strict deadlines.
3. Blockchain tracing may be necessary. If your crypto went through multiple wallets before ending up in Prince Group's hands, you may need expert analysis to demonstrate the connection.
4. The process takes time. These cases move through federal court at their own pace. We're talking months to years, not weeks.
5. Legal representation matters. I wrote in my previous article about trying to navigate these proceedings pro se (without a lawyer). It's technically possible, but the stakes are high and the procedures are complex.
The Deadlines Are Real and Unforgiving
**THIS IS THE MOST IMPORTANT PART OF THIS ENTIRE ARTICLE**
Federal civil forfeiture cases have mandatory deadlines that, if missed, permanently bar your claim. You don't get a second chance because you didn't know about the case or didn't understand the procedures.
The Publication Process
The government will publish notice of the forfeiture in newspapers and/or online. Once that notice is published:
35 days to file a claim if you learned about the forfeiture through the published notice
30 days to file a claim if you received direct notice from the government
After Filing a Claim
If you file a claim, you then have:
21 days to file an answer to the government's complaint
What "Filing a Claim" Means
This isn't just sending an email saying "I was scammed." A proper claim under federal forfeiture rules must:
1. Be verified (sworn under oath)
2. State your interest in the property (how your losses connect to the forfeited Bitcoin)
3. Be filed with the Clerk of Court
4. Follow specific formatting requirements under the Supplemental Rules for Admiralty or Maritime Claims and Asset Forfeiture Actions
Miss any of these requirements or deadlines, and you're out.
What You Need to Do Right Now
If you think you might be a victim, here's your action plan:
1. Gather Documentation Immediately. Pull together everything you have:
· All communications with the scammer (messages, emails, call logs)
· Financial records of every transfer (bank wires, crypto transactions, amounts, dates)
· Wallet addresses where you sent cryptocurrency
· Platform information (URLs, screenshots, login credentials if you still have access)
· Timeline of events from first contact through last communication
The more documentation you have, the stronger your claim.
2. Blockchain Analysis.
If you sent cryptocurrency, I can work with blockchain forensics experts to trace where it went. If we can show a chain of custody from your wallet to the seized Bitcoin, that's powerful evidence connecting your losses to the forfeiture.
3. Monitor the Case
· Case Name: United States v. Approximately 127,271 Bitcoin
· Case Number: 1:25-cv-05745
· Court: U.S. District Court for the Eastern District of New York
· Judge: Rachel P. Kovner
· You can monitor the docket through PACER (pacer.gov), though it requires registration and charges per page viewed.
· Better yet: contact me and I'll monitor it for you.
4. Don't Wait for Certainty
I've spoken with potential clients who say, "I'm not sure if my scam is connected to this case."
Here's the thing: you might not know for certain until discovery happens or the government provides more information about connected operations. But if you wait for that certainty, you might miss the deadline to file a claim.
If you lost cryptocurrency to an investment scam between 2015 and 2025, particularly if it involved:
· Social media or messaging app contact
· Trading platforms or investment apps
· Requests to wire money or send crypto
· Romance or friendship elements
· Promises of high returns
· Difficulty withdrawing funds
Then you should at minimum consult with an attorney now to evaluate whether your losses might be connected.
Why You Need Specialized Counsel
I'm not writing this article to scare you into hiring a lawyer. I'm writing it because I've seen what happens when victims try to navigate federal forfeiture proceedings without experienced counsel.
These cases sit at the intersection of:
· Federal civil procedure
· Cryptocurrency and blockchain technology
· Asset forfeiture law
· Financial fraud investigation
· Victim compensation schemes
That's not a typical legal practice area. It's specialized for a reason.
What I Do Differently
My practice focuses specifically on cryptocurrency litigation. I understand blockchain technology, I work with forensics experts who can trace cryptocurrency movements, and I've handled complex fraud and asset recovery cases.
For this case specifically, I'm:
· Actively monitoring the docket for notice publication and deadlines
· Researching connections between the named entities and known scam platforms
· Building a database of potential victims and their loss patterns
· Coordinating with blockchain analysts to trace victim funds to the seized wallets
· Communicating with the U.S. Attorney's Office about victim claim procedures
If you were scammed and you retain me, you're not just getting an attorney who will file paperwork. You're getting someone who is already deep into this specific case and can evaluate whether your losses are likely connected to the forfeiture.
Contact Me
If anything in this article sounds familiar, i.e. if you lost money to a crypto investment scam and think it might be connected to this case, don't wait.
Gabriel Vincent Tese
Email: gtese@sgrvlaw.com
Firm: Spector Gadon Rosen Vinci PC
Initial consultations are confidential. Bring your documentation, and let's figure out if you have a claim.
Index of Named Entities, Operations, and Indicators
Check this list carefully. If anything looks familiar, contact me immediately at gtese@sgrvlaw.com
Primary Organization
· Prince Holding Group (also "Prince Group") - Cambodian corporate conglomerate
Key Individual
· Chen Zhi (also known as "Vincent") - Founder and Chairman
Legitimate Business Subsidiaries
(These were real businesses used to launder proceeds)
· Prince Real Estate Group
· Prince Huan Yu Real Estate Group
· Prince Bank
· Awesome Global Investment Group
· Yun Ki Estate Intermediary Co., Ltd. ("Yun Ki")
· Jinbei Hotel and Casino (Sihanoukville, Cambodia)
Shell Companies Used for Laundering
· Future Technology Investment ("FTI") - Cayman Islands
· Amber Hill Ventures Limited ("Amber Hill") - British Virgin Islands
· Lateral Bridge Global Limited ("LBG") - British Virgin Islands
· Hing Seng Limited - Hong Kong
Physical Scam Compound Locations
· Jinbei Compound - Sihanoukville, Cambodia (associated with Jinbei Hotel and Casino)
· Golden Fortune Science and Technology Park (also called "Jinyun Compound") - Chrey Thom, Cambodia
· Mango Park (also called "Jinhong Park") - Kampong Speu Province, Cambodia
Mining Operations
· Lubian - Chinese Bitcoin mining operation (was 6th largest globally at one point)
· Warp Data Technology Lao Sole Co., Ltd. ("Warp Data") - Laos-based with Texas subsidiary
Geographic Indicators
If you were directed to wire money to companies or accounts in these locations:
· Brooklyn, New York
· Queens, New York
· Cambodia (particularly Sihanoukville)
· Cayman Islands
· British Virgin Islands
· Hong Kong
· Laos
Transaction Patterns
You may be a victim if:
· You were contacted unexpectedly on WhatsApp, Telegram, WeChat, or other messaging apps
· The relationship developed over days, weeks, or months before investments were mentioned
· You were introduced to an "account manager" or "investment advisor"
· You were directed to use a specific trading platform or mobile app
· The platform showed growing returns on your "investments"
· You could withdraw small amounts initially but faced obstacles with larger withdrawals
· You were asked to pay additional fees (taxes, transaction fees, legal fees, withdrawal fees)
· You wired money to companies in New York (particularly Brooklyn or Queens)
· You sent Bitcoin, USDT, USDC, or other cryptocurrency
· Your contact mentioned being in Cambodia or Southeast Asia
· Your contact stopped responding when you tried to withdraw significant funds
Financial Institutions
If you wired money to accounts at these types of institutions:
· Financial institutions in Brooklyn, New York
· Financial institutions in Queens, New York
· Financial institutions in New York generally
· Offshore accounts in the Cayman Islands, British Virgin Islands, or Seychelles
Cryptocurrency Elements
If your scam involved:
· Being told to purchase Bitcoin, USDT (Tether), or USDC
· Sending cryptocurrency to wallet addresses provided by your "advisor"
· Using unfamiliar cryptocurrency exchanges, particularly:
· Chinese-based exchanges
· Seychelles-based exchanges
· Platforms that don't respond to U.S. legal process
· Trading platforms that aren't registered with U.S. regulators
· Mobile trading apps with limited online presence
Red Flag Phrases and Patterns
If you heard any of these:
· "I've been doing really well with crypto investing"
· "Let me introduce you to my account manager"
· "You need to pay taxes before you can withdraw"
· "There's a transaction fee required"
· "You need to deposit more money to verify your account"
· "There's been a system error, you need to pay X to fix it"
· "This is a limited time opportunity"
· References to "foreign exchange markets" or "forex trading"
· Promises of guaranteed returns or low-risk high-reward investments
Timeframe
If you lost money between 2015 and October 2025, your losses could potentially be connected to this operation
Important Notes About This Index
· The government used pseudonyms for many entities in the complaint ("Trading Platform-1," "Exchange-1," etc.), so the actual names of some platforms aren't publicly known yet
· Not every scam is connected to this case, but if multiple factors match your experience, the probability of a connection increases
· The government likely has non-public information about additional connected entities and platforms
· Even if your specific platform isn't listed, if the pattern matches and you can trace your crypto to the seized wallets, you may still have a claim
· I'm continuing to research and update connections as more information becomes available
If you see anything familiar in this index, or if the pattern of your scam matches even if the specific names don't, email me immediately: gtese@sgrvlaw.com
Time is not on your side here. The forfeiture process moves forward whether victims participate or not. Don't let strict deadlines cost you the chance at recovery.
G. Vincent Tese, Esq.
Spector Gadon Rosen Vinci PC
This article is for informational purposes only and does not constitute legal advice. No attorney-client relationship is formed by reading this article. You should consult with a qualified attorney about your specific situation.