Yet U.S authorities have seized an almost unbelievable $1.5 billion worth of Bitcoin. This enormous recovery is associated with the international “pig butchering” operation led by 38-year-old Chinese national Chen Zhi, aka “Vincent.” This prosecution is said to be the first-ever of a global criminal enterprise largely based in Cambodia. Its unprecedented scale and the catastrophic toll on its victims around the globe have captured the world’s focus. Chen Zhi, now a fugitive, has been criminally charged with egregious offenses. If convicted of wire fraud conspiracy and money laundering conspiracy, he faces a potential prison sentence of up to 40 years.
Chen Zhi is thought to have been the leader of one of Asia’s largest TCOs, the Prince Holding Group. This organization had run dozens of these competitor-farms/scam compounds throughout Cambodia as trafficked workers were forced to carry out these intricate cryptocurrency investment scams. Financially, victims were often misleadingly lured in through fraudulent love connections. They were further lured in with draws of bogus high rates of investment return through a technique known as “pig butchering” or “sha zhu pan.”
At its height, Chen Zhi’s program allegedly raked in profits of $30 million per day, preying on people around the world. U.S. Attorney for the Eastern District of New York, Joseph Nocella Jr., who was retiring, underscored the seriousness of the state of affairs.
“These scams stole billions of dollars from victims worldwide,” – Joseph Nocella Jr., US Attorney for the Eastern District of New York.
The scams were some of the most detailed scams, elaborate scams. The crimes went beyond monetary fraud to include forced labor of employees in the fraudulent trailer camps. Chen Zhi’s organization allegedly utilized violence and threats to maintain authority over those forced into the operation, resulting in what Nocella described as “untold misery on the backs of individuals forced to work against their will.”
FBI Director Kash Patel characterized the operation as “one of the largest financial fraud takedowns in history,” highlighting the unprecedented nature of the seizure and the ongoing efforts to dismantle such criminal enterprises. The U.S. government’s actions reflect a growing recognition of the need to combat sophisticated financial crimes that exploit vulnerable individuals.
Law enforcement agencies are at this hour doing everything they can to locate Chen Zhi. While doing this, they’re tearing down the massive connected network used to support his enterprise. What’s more, prosecutors allege that his scams have resulted in real financial ruin for thousands of victims across the globe. This scenario underscores the dire need for effective international collaboration to fight transnational crime.
