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DOJ files largest ever civil forfeiture: $15B in Bitcoin seized from Prince Group. Targets funds from global crypto investment fraud victims.
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The Department of Justice has filed a historic civil forfeiture seeking approximately $15 billion in Bitcoin—about 127,271 BTC—allegedly tied to the Prince Group’s international crypto investment fraud and forced-labor operation.
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DOJ seeks forfeiture of ~127,271 BTC (~$15 billion) tied to Prince Group fraud
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Allegations include forced-labor camps in Cambodia and coordinated “pig butchering” crypto scams since about 2015.
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U.S. authorities cite sophisticated laundering techniques such as “spraying” and “funneling” across numerous wallets.
DOJ seizes $15B in Bitcoin: DOJ files historic civil forfeiture of 127,271 BTC tied to Prince Group fraud. Read the full breakdown and legal implications.
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What is the DOJ’s $15B Bitcoin forfeiture?
The DOJ’s $15 billion Bitcoin forfeiture is a civil complaint seeking control of approximately 127,271 BTC that U.S. officials allege are proceeds and instrumentalities of a transnational crypto investment fraud run by the Prince Holding Group. The action accompanies sanctions and public statements by U.S. enforcement agencies asserting links to forced labor and human trafficking.
How did authorities link the Bitcoin to the Prince Group?
According to official statements from the Department of Justice and the U.S. Attorney’s Office for the Eastern District of New York, investigators identified wallet clusters and transaction patterns attributed to the Prince Group’s operations. The complaint traces funds through repeated “spraying” (small-value dispersals) and “funneling” (consolidation across wallets) techniques used to obscure origins. Authorities also reference an indictment that alleges the scheme began around 2015 and involved forced-labor compounds in Cambodia where workers were coerced to run “pig butchering” scams.
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The complaint frames the seized Bitcoin as both the proceeds of fraud and the means used to further it. The Department of the Treasury additionally designated the Prince Group as a transnational criminal organization and imposed sanctions on Chen Zhi and associated individuals and entities.
Frequently Asked Questions
How many bitcoins are included in the DOJ forfeiture action?
The civil forfeiture targets approximately 127,271 Bitcoin, which the DOJ estimates is worth about $15 billion at the time of filing. These figures come from the DOJ’s complaint and related enforcement statements.
What does this mean for victims of the alleged fraud?
If the forfeiture succeeds, courts could authorize distribution of recovered assets to victims or hold funds for restitution subject to legal procedures. The civil action is intended to identify property traceable to criminal proceeds and give courts authority to dispose of those assets under U.S. forfeiture law.
Detailed breakdown of allegations and enforcement actions
Federal authorities allege the Prince Holding Group, led by Chen Zhi, ran a complex transnational scheme involving the trafficking of hundreds of workers into high-security compounds in Cambodia. Inside those compounds, workers were reportedly forced to operate long-term social engineering scams—often described as “pig butchering”—that cultivated victims’ trust over time before diverting cryptocurrency into accounts controlled by the enterprise.
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Law enforcement describes a layered laundering process: stolen cryptocurrency was repeatedly moved across numerous wallets using small-value dispersals and consolidations, intended to frustrate blockchain analysis. The DOJ’s civil complaint identifies specific clusters of addresses and transactional flows it asserts are traceable to the enterprise’s criminal activity.
Official sources cited in public filings include statements from the Department of Justice, the U.S. Attorney’s Office for the Eastern District of New York, and the Department of the Treasury. These agencies have emphasized the action as the largest civil crypto forfeiture in Department history and detailed both criminal and civil remedies pursued concurrently.
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“This indictment and historic forfeiture, the largest in Department history, reflect our commitment to using every tool at our disposal to ensure such crimes do not pay,” said a spokesperson for the U.S. Attorney’s Office for the Eastern District of New York in the Department’s announcement.
Also Read: US Government Moves $75M in Bitcoin, Sparks Speculation
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Key Takeaways
- Scale of seizure: The DOJ seeks control of ~127,271 BTC, about $15 billion—an unprecedented civil forfeiture.
- Criminal nexus: Authorities allege the funds are proceeds of a transnational fraud linked to forced-labor camps and pig-butchering scams.
- Next steps: The complaint initiates legal proceedings that could return assets to victims or otherwise dispose of them as determined by U.S. courts.
Conclusion
This civil forfeiture represents a major enforcement milestone: the Department of Justice, in coordination with the U.S. Attorney’s Office for the Eastern District of New York and the Department of the Treasury, has set a precedent by seizing approximately 127,271 BTC (~$15 billion) tied to alleged international crypto fraud and forced labor. COINOTAG will monitor court filings and enforcement actions as the legal process unfolds; readers are encouraged to follow official DOJ and Treasury statements for authoritative updates.
Tagged: Bitcoin (BTC) Crypto Scam United States
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Source: https://en.coinotag.com/doj-files-largest-ever-civil-forfeiture-targeting-approximately-15-billion-in-bitcoin-allegedly-tied-to-prince-group-fraud/
