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What happens when romance, high-tech scams, and modern slavery collide? You get one of the largest crypto fraud busts in recent history—$15 billion seized, and a criminal empire built on lies, manipulation, and human suffering.
Let’s talk about what just happened.
An Unfolding Crypto Scam Fueled by Forced Labor
Federal prosecutors have just taken action against Chen Zhi, a Cambodian businessman allegedly at the center of a massive scam operation. Zhi, who founded the multinational conglomerate Prince Group, is accused of leading one of Asia’s largest cybercrime rings—and it was hiding in plain sight.
Photo by Agustin Perondi on Unsplash
At first glance, Prince Group looked like a traditional corporate giant with operations in over 30 countries. But beneath that surface, investigators say it was a front for a massive forced-labor-driven crypto fraud scheme that scammed people worldwide out of billions.
The U.S. Justice Department has now seized $15 billion in bitcoin connected to the operation. That’s billion with a “B.”
This Isn’t Your Usual Romance Scam
The scam is a brutal version of what’s known as a “pig butchering” scheme. It’s called that because scammers “fatten up” their victims—emotionally and financially—over time before taking everything.
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Here’s how it worked:
- Scammers, often posing as attractive, successful individuals, contacted victims over social media or messaging apps.
- They slowly built trust, often pretending to be romantically interested.
- After weeks or months, they encouraged the victim to invest in what appeared to be a lucrative cryptocurrency fund.
- These funds? Totally fake. Once the money was sent—usually as bitcoin—it vanished.
But here’s where it gets even darker.
Inside the Scam Compounds
Many of the people sending those flirty messages and pushing fake investments weren’t willing participants—they were victims themselves. According to investigators, they were trafficked, trapped inside heavily guarded compounds, and forced to work as part of the scam.
These compounds, including one called “Golden Fortune,” were allegedly designed by Zhi and his associates to maximize profits. Think high-tech phone farms, rows of devices in call centers, all set up to carry out global crypto scams.
The photo released by prosecutors shows a chilling view: walls lined with smartphones, managed by those coerced into helping cheat others out of their money.
So Where’s Chen Zhi?
At the time of writing, Zhi’s whereabouts are unknown. But make no mistake—the U.S. government has its spotlight firmly fixed on him and the empire he built. What’s more, the investigation unveiled connections to a bitcoin mining firm called LuBian. Before disappearing in 2021, LuBian controlled nearly 6% of global bitcoin mining power.
Photo by Joemi Brazier on Unsplash
The $15 billion seizure came from wallets linked to Zhi’s network—some of which were believed to belong to LuBian. Blockchain analysis group Elliptic even suggested the funds could’ve been stolen during a hack, or perhaps, part of a staged transfer. One big mystery remains: how did authorities get access to the private keys needed to unlock the crypto?
This Scam Worked Better Than You’d Think
You might wonder: how could so many people fall for this?
But these scams aren’t just convincing—they’re personal. Victims are often educated, financially stable, and emotionally invested before any money changes hands. The scammers know exactly how to build trust and exploit emotion.
And they’ve done it on a scale that’s hard to imagine.
The FBI said Zhi’s operation victimized people on both sides: those who were trafficked into scam labor, and those tricked into handing over their savings. This was international cybercrime fueled by psychological manipulation and human exploitation—and it went unchecked for years.
Final Thoughts
With $15 billion seized and a criminal empire exposed, this case shines a harsh light on the intersection of tech scams, modern slavery, and digital currency.
It’s also a chilling reminder: not every scammer is a lone person behind a keyboard. Sometimes, they’re part of a huge machine running on fear, deception, and unimaginable suffering.
Stay alert. The next message from a “cute stranger” might be more dangerous than you think.
