CyberHappenings logo
☰
Home Browse About

Track cybersecurity events as they unfold. Sourced timelines. Filter, sort, and browse. Fast, privacy‑respecting. No invasive ads, no tracking.

U.S. Seizes $15 Billion in Crypto from Prince Group's Pig Butchering Scam

First reported
Last updated
2 unique sources, 2 articles

Summary

Hide ▲

The U.S. Department of Justice (DOJ), in coordination with the UK's Foreign, Commonwealth, and Development Office (FCDO) and the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), has seized $15 billion in bitcoin from the Prince Group, a criminal organization involved in extensive cryptocurrency investment scams, also known as romance baiting or pig butchering. The group targets victims in the United States and globally, using shell companies, forced labor, and sophisticated money laundering techniques. The Prince Group operates over 100 shell companies across more than 30 countries, with operations dating back to approximately 2015. The group's leader, Chen Zhi, remains at large and is responsible for orchestrating the fraud scheme and bribing officials to avoid law enforcement. The Prince Group maintains links to its operations through corporate proxies, including Jin Bei Group, Golden Fortune Resorts World Ltd, and Byex Exchange. The DOJ, FCDO, and OFAC have sanctioned Chen Zhi and 146 other targets within the Prince Group. The sanctions freeze the assets and properties of the network's operators in the UK, including a mansion in North London, an office building in the City of London, and multiple flats in South London. The Prince Group's operations are incorporated in the British Virgin Islands.

Timeline

  1. 14.10.2025 20:37 2 articles · 1d ago

    U.S. Seizes $15 Billion in Crypto from Prince Group's Pig Butchering Scam

    The Prince Group maintains links to its operations through corporate proxies, including Jin Bei Group, Golden Fortune Resorts World Ltd, and Byex Exchange. The Prince Group operates scam centers in Cambodia, Myanmar, and across Southeast Asia, using fake job adverts to attract foreign nationals. The network of scam centers uses forced labor to carry out online fraud under threat of torture. The Prince Group has been sanctioned by the UK and US governments, freezing their assets and properties. The Prince Group's leader, Chen Zhi, owns properties in the UK, including a mansion in North London, an office building in the City of London, and multiple flats in South London. The Prince Group's operations are incorporated in the British Virgin Islands.

    Show sources
    Open in new tab

Information Snippets

Similar Happenings

ChatGPT Misuse by Nation-State Actors for Malware Development and Influence Operations

OpenAI has disrupted three activity clusters misusing its ChatGPT AI tool for cyberattacks. These clusters include Russian, North Korean, and Chinese threat actors who used ChatGPT to develop malware, conduct phishing campaigns, and engage in influence operations. The Russian threat actor developed a remote access trojan (RAT) and credential stealer, while the North Korean group created malware and command-and-control (C2) infrastructure. The Chinese group, UNK_DropPitch, generated phishing content and tooling for routine tasks. Additionally, OpenAI blocked accounts used for scams, influence operations, and surveillance, including networks from Cambodia, Myanmar, Nigeria, and individuals linked to Chinese government entities.

Open in new tab

U.S. sanctions cyber scam operations in Southeast Asia

The U.S. Department of the Treasury has sanctioned several large cyber scam networks in Southeast Asia, primarily in Burma and Cambodia. These operations, which used forced labor and human trafficking, stole over $10 billion from Americans in 2024, a 66% increase from the previous year. The scams included romance baiting and fake cryptocurrency investments. The sanctions target individuals and entities linked to the Karen National Army (KNA) and various organized crime networks. The sanctions block these entities from the U.S. financial system, freeze their U.S.-based assets, and limit their access to international financial services. The move aims to disrupt the operations and impose legal and financial consequences on the perpetrators. The cybercriminal syndicates in Southeast Asia net nearly $40 billion annually in illicit profits. The U.S. actions are part of a broader effort to degrade the infrastructure supporting these scams and punish the system enabling their crimes.

Open in new tab