Federal authorities seized 127,271 Bitcoin, valued at approximately $15 billion, from Chen Zhi, the alleged leader of a sprawling cybercrime network based in Cambodia, the Justice Department said Tuesday. Officials said it’s the largest financial seizure on record.

“Today’s action represents one of the most significant strikes ever against the global scourge of human trafficking and cyber-enabled financial fraud,” Attorney General Pamela Bondi said in a statement.

Officials said Chen, a 38-year-old United Kingdom and Cambodian national who has renounced his Chinese citizenship, built a business empire under the Prince Group umbrella headquartered in Phnom Penh, Cambodia, that constructs, operates and manages scam compounds that rely on human trafficking and modern-day slavery. 

A criminal indictment against Chen was also unsealed in the U.S. District Court for the Eastern District of New York. He remains at large and the FBI is seeking information about his whereabouts. Chen faces up to 40 years in prison for his alleged crimes.

Chen is accused of founding and running Prince Group since 2015, resulting in a global expansion that has brought the cybercrime network’s operations to dozens of entities spanning more than 30 countries. 

Officials said Chen was directly involved in managing the scam compounds and committed violence against people in the forced labor camps where schemes targeted victims around the world, including in the United States. One network based in Brooklyn, New York, scammed more than 250 people in New York and across the country out of millions of dollars, according to the indictment.

Authorities in the U.S. and U.K also imposed coordinated sanctions against the Prince Group’s cybercrime networks in Southeast Asia accused of long-running investment scams and money laundering operations. 

Officials said the sanctions against people and organizations involved with the Prince Group transnational criminal organization and its severing of Huione Group from the U.S. financial system mark the most extensive action taken against cybercrime operations in the region to date.

“The rapid rise of transnational fraud has cost American citizens billions of dollars, with life savings wiped out in minutes,” Treasury Secretary Scott Bessent said in a statement. 

The agency’s Office of Foreign Assets Control imposed sanctions on 146 people and organizations participating in Prince Group TCO, while the Financial Crimes Enforcement Network issued a rule under the USA PATRIOT Act to sever Cambodia-based financial services conglomerate Huione Group from the U.S. financial system.

OFAC also sanctioned a network of 117 illegitimate businesses affiliated with Prince Group. The agency published a complete list of people and entities sanctioned as part of the sweeping action.

Authorities said Prince Group is prolific and remains a dominant player in Cambodia’s scam economy, responsible for billions of dollars in illicit financial transactions. U.S. government officials estimate Americans lost more than $10 billion to Southeast Asia-based scam operations last year, noting that U.S. online investment scams surpass $16.6 billion.

Huione Group has allegedly laundered proceeds from cyberattacks initiated by North Korea and transnational criminal organizations in Southeast Asia responsible for virtual currency investment scams, authorities said. The organization laundered more than $4 billion in illicit proceeds between August 2021 and January 2025, the Treasury Department said. 

The U.K.’s Foreign, Commonwealth, and Development Office also participated in the crackdown by imposing sanctions on Prince Holding Group, its alleged leader Chen and key associates. 

“Today, the FBI and partners executed one of the largest financial fraud takedowns in history,” FBI Director Kash Patel said in a statement.

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It’s time for SpaceX to take strong action against scammers abusing the company’s Starlink internet service, Sen. Maggie Hassan said in a letter to CEO Elon Musk on Monday.

The New Hampshire Democrat cited evidence accumulating over the past two years that some Southeast Asian fraudsters scamming billions of dollars from U.S. citizens have leaned on Starlink due to its independence from national telecommunications networks, decentralized structure and the ability to use it on the go.

Media outlets and government officials have turned up Starlink equipment at scam compounds that are largely centered in Southeast Asia, and a United Nations Office on Drugs and Crime report last fall highlighted the trend. 

“While SpaceX has stated that it investigates and deactivates Starlink devices in various contexts, it seemingly has not publicly acknowledged the use of Starlink for scams originating in Southeast Asia — or publicly discussed actions the company has taken in response,” Hassan wrote. “Scam networks in Myanmar, Thailand, Cambodia, and Laos, however, have apparently continued to use Starlink despite service rules permitting SpaceX to terminate access for fraudulent activity.”

Scam compounds have been getting increased attention from Southeast Asian governments and nonprofit organizations in recent months, but there are also signs that the crackdowns aren’t keeping up with the industry’s evolution.

A human rights group last week reported data showing that the scammers’ use of Starlink has more than doubled since Thailand began cutting internet cables to cripple their operations.

SpaceX didn’t immediately respond to a request for comment Monday, and has not responded to past media questions about Southeast Asian scammers using Starlink.

Hassan wants to know whether SpaceX was aware of the scammers using Starlink and if so, when it first knew it, its policies for investigating and restricting the use of Starlink devices, what it’s done to work with law enforcement agencies on the problem and more. She sits on the Senate Homeland Security and Governmental Affairs Committee.

Much of the cybersecurity-related attention SpaceX has received this year is as a potential target of cyberattacks, particularly after White House security experts warned of the security risks of installing Starlink there and President Donald Trump said he would continue using the service. 

SpaceX has a web page dedicated to Starlink-related scams of another sort.

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