In a groundbreaking operation, US and UK law enforcement have dealt a massive blow to one of the most sophisticated cybercrime networks operating in Southeast Asia. Federal agencies seized almost 130,000 bitcoins worth approximately $15 billion, marking the largest cryptocurrency seizure in US history.

The target of this coordinated crackdown is the Prince Group, a Cambodian organization led by Chen Zhi, who is accused of running an extensive criminal enterprise spanning multiple countries. The operation exposed a dark network of “pig butchering” scams, complex fraud schemes that have devastated victims worldwide.

The indictment reveals a horrifying system of modern slavery, where human trafficking victims are forced to operate scam compounds across Cambodia. These centers use fraudulent job advertisements to lure people, then confiscate their passports and compel them to run elaborate online scams under threat of violence.

US Treasury Department sanctions targeted 146 individuals and shell companies connected to the Prince Group. The Department of Justice alleges that Chen Zhi’s organization operated more than 100 businesses across 30 countries, using political influence to protect their criminal activities.

Interestingly, crypto-tracing firm Elliptic discovered the seized bitcoins might be linked to a 2020 cryptocurrency mining theft, adding another layer of complexity to the case. Experts suggest this could be part of an intricate money laundering scheme designed to obscure the origin of illicit funds.

This unprecedented action represents a significant strike against the expanding cybercrime ecosystem in Southeast Asia. Researchers warn that these scam compounds have been rapidly evolving, investing their illegal profits into increasingly sophisticated technological infrastructure.

As global financial crime becomes more complex, this coordinated international effort signals a new approach to combating transnational digital criminal networks, data-driven, collaborative, and targeting the financial foundations of these operations.