U.S. charges Cambodian tycoon in massive alleged cryptocurrency scam

The U.S. government has seized nearly $15 billion in bitcoin and charged Chen Zhu, a U.K.-Cambodian businessman and Prince Holding Group chairman, with wire fraud and money laundering in what the Justice Department calls its largest-ever forfeiture.

Prosecutors allege Chen and co-conspirators forced people to work in Cambodian cyber scam centers, running “pig butchering” investment scams that defrauded billions, with proceeds spent on yachts, jets, and art.

Chen remains at large and faces up to 40 years in prison if convicted, while U.S. and U.K. authorities have sanctioned his company as a transnational criminal organization, NPR has reported.

Analysts note the criminal networks behind these scams, often linked to Chinese groups, have proven highly adaptable, using satellite internet, solar power, and new online payment systems to evade enforcement.

Officials said the coordinated action sends a strong global signal against cyber-enabled financial fraud and human trafficking ahead of the upcoming ASEAN summit.

read more: https://www.npr.org/2025/10/15/nx-s1-5574948/us-indictment-cambodia-tycoon-alleged-crypto-scam

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