US and UK Seize $15 Billion in Bitcoin, Sanction Cambodian Cyber-Scam Network

Authorities target alleged ringleaders behind human trafficking and global online fraud, freezing luxury London properties linked to the crimes.

In one of the largest financial crime crackdowns in history, the United Kingdom and the United States have jointly seized $15 billion (£11.3 billion) in bitcoin and imposed sanctions on alleged leaders of Cambodia-based cyber-scam networks accused of running large-scale online fraud and human trafficking operations.

The US Department of Justice (DOJ) announced on Tuesday that the seized cryptocurrency approximately 127,271 bitcoins represent proceeds of fraud and money laundering linked to transnational crime syndicates. Officials called it the largest forfeiture action ever recorded by the department.

Global Fraud and Human Exploitation

The crackdown targets what investigators describe as industrial-scale scam operations based in Cambodia, responsible for defrauding victims worldwide. The scams typically involved fake investment schemes especially in cryptocurrency and romantic deception designed to gain victims’ trust and then steal their money. This manipulation process is widely known as “pig butchering” scams.

Behind the scenes, many of the people carrying out these online scams were trafficking victims themselves. Lured by false job offers, they were later enslaved in compounds where they were forced to defraud others. Survivors of these center’s have recounted horrific abuse, including beatings, electrocution, and torture in “punishment rooms.”

The death of a South Korean student who was tricked into one such center has recently drawn international outrage and renewed calls for accountability.

London Mansions and Lavish Lifestyles

Authorities froze several high-value UK assets believed to be linked to the scam network’s profits. These include a £12 million mansion on Avenue Road one of London’s most expensive streets and a £95 million office tower on Fenchurch Street, in the heart of the city’s financial district. Multiple luxury apartments in central London were also frozen.

Investigators traced the assets to Chen Zhi, a Chinese-born businessman and the chair of Cambodia’s Prince Group, as well as other associates. Chen, who was born in 1987, allegedly used illicit funds to amass enormous wealth and influence.

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According to US court documents, Chen and his associates purchased yachts, private jets, watches, rare art, and even a Picasso painting through an auction house in New York City. The DOJ said his lavish lifestyle was fueled by profits from forced labor and cybercrime.

His seven-bedroom London mansion reportedly features marble floors, walnut paneling, a cinema, a swimming pool, a gym and an underground car lift.

Cambodia’s Role and International Pressure

Cambodia has become a major hub for scam operations, with entire buildings dedicated to digital fraud. Workers inside are forced to control tens of thousands of fake social media accounts and communicate with unsuspecting victims around the globe.

The alleged scam facilities uncovered by investigators included 1,250 mobile phones controlling 76,000 accounts on a major social media platform.

Human rights groups have accused the Cambodian government of turning a blind eye to these criminal enterprises. Amnesty International says authorities have failed to act against powerful businessmen tied to the scams many of whom maintain close political connections.

During the 18-month joint investigation, the UK’s Foreign Office and the US Office of Foreign Assets Control (OFAC) identified and froze British-based assets belonging to the alleged ringleaders.

Sanctions and Human Rights Commitment

Among the entities sanctioned are the Prince Group, Jin Bei Group, Golden Fortune Resorts World, and Byex Exchange all accused of facilitating scam operations or money laundering. The sanctions effectively cut off these companies and individuals from the US and UK financial systems, blocking access to banks, property, and global trade.

UK Foreign Secretary Yvette Cooper said the joint operation demonstrates a united front against cross-border crime.

“The masterminds behind these horrific scam centres are ruining the lives of vulnerable people and buying up London homes to store their money,” Cooper stated.
“Together with our US allies, we are taking decisive action to combat the growing transnational threat posed by this network upholding human rights, protecting British nationals, and keeping dirty money off our streets.”

US officials echoed the same sentiment, calling the operation a “landmark moment” in the fight against cyber-enabled human trafficking and financial crime.

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