Menu

  • Alerts
  • Incidents
  • News
  • APTs
  • Cyber Decoded
  • Cyber Hygiene
  • Cyber Review
  • Cyber Tips
  • Definitions
  • Malware
  • Threat Actors
  • Tutorials

Useful Tools

  • Password generator
  • Report an incident
  • Report to authorities
No Result
View All Result
CTF Hack Havoc
CyberMaterial
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
Hall of Hacks
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
No Result
View All Result
Hall of Hacks
CyberMaterial
No Result
View All Result
Home News

US Charges Executive In Crypto Scam

October 16, 2025
Reading Time: 3 mins read
in News

U.S. authorities have charged Chen Zhi, the chairman of Cambodia’s Prince Holding Group, with wire fraud and money laundering conspiracy, seizing more than $14 billion in bitcoin in what’s being called one of the largest investment fraud operations in history. The indictment, unsealed by Brooklyn federal prosecutors, accuses Chen of exploiting forced labor to operate a vast “pig butchering” scam that at one point was reportedly pulling in $30 million a day. The scam, which preys on would-be investors by building fake rapport online before enticing them to transfer cryptocurrency, has cost Americans at least $10 billion in the past year alone.

In a concerted effort, both U.S. and British authorities have imposed sanctions on Chen’s company, declaring it a transnational criminal organization. The Prince Holding Group, which operates in real estate development and financial services, is also being investigated by Chinese authorities for cyber scams and money laundering. Prosecutors allege that Chen, a Chinese native also known as “Vincent,” sanctioned violence against workers, authorized bribes to foreign officials, and laundered illicit profits through his other businesses, including online gambling and cryptocurrency mining.

According to the indictment, Prince Holding Group built at least ten compounds in Cambodia where workers, often migrants held against their will, were forced to operate the scam. These facilities, described as forced labor camps, were surrounded by high walls and barbed wire. Lured by promises of high-paying jobs in tech, the victims were held captive, isolated, and sometimes severely beaten. Photographs included in the indictment show a man with a bloody gash on his face and others with red lash marks on their bodies. Prosecutors noted that Chen himself approved of a beating, with the caution that the victim shouldn’t be “beaten to death.”

The money scammed from victims was allegedly funneled into other Prince Holding Group businesses and shell companies. Instead of being invested, the funds were used to finance a lavish lifestyle for Chen and his associates. The indictment details the purchase of luxury items like watches, vacation homes, rare artwork, and even a Rolex watch for an executive’s spouse. With Chen at large, the U.S. government hopes that if he is convicted, the seized 127,271 bitcoins could be used to repay victims, though the value of the coins will fluctuate.

Experts believe these actions, while not instantly ending the scam economy, will significantly change the risk calculus for global financial institutions and investors. Jacob Daniel Sims, a transnational crime expert at Harvard University, describes Prince Holding Group as an “essential part of the scaffolding that makes global cyber-scamming possible” and Chen as a “central pillar” of a criminal economy intertwined with Cambodia’s ruling regime. Chen, who has served as an adviser to Cambodian Prime Minister Hun Manet and his father, has strong ties to the country’s elite. By targeting such a high-profile figure, the sanctions send a clear message that supporting this type of elite crime is a risky strategy.

Reference:

  • US Charges Cambodian Executive In Massive Crypto Scam Seizing Over 14 Billion Dollars
Tags: Cyber NewsCyber News 2025Cyber threatsOctober 2025
ADVERTISEMENT

Related Posts

Capita Fined 14 Million Pounds For Breach

October 16, 2025

PowerSchool Hacker Sentenced To Four Years

October 16, 2025
US Seizes 15 Billion In Crypto

US Seizes 15 Billion In Crypto

October 15, 2025
US Seizes 15 Billion In Crypto

UK NSCS Reports 429 Cyberattacks

October 15, 2025
US Seizes 15 Billion In Crypto

Cybereason To Be Acquired By Levelblue

October 15, 2025
JPMorgan To Invest In US Security Firms

Microsoft Updates IE Mode In Edge

October 14, 2025

Latest Alerts

Fortinet And Ivanti Patch Severe Flaws

Malicious VSCode Extensions Steal Crypto

Fake Password Manager Hijack PCs

Android Flaw Lets Apps Steal 2FA Codes

New Sap Netweaver Bug Enables Takeover

Two New Windows Zero Days Exploited

Subscribe to our newsletter

    Latest Incidents

    F5 Reports Hackers Stole Source Code

    YouTube Down Globally With Playback Errors

    Spanish Retailer Mango Discloses Breach

    Unencrypted Satellites Expose Data

    Sonicwall VPN Accounts Breached

    Microsoft Investigates 365 App Outage

    CyberMaterial Logo
    • About Us
    • Contact Us
    • Jobs
    • Legal and Privacy Policy
    • Site Map

    © 2025 | CyberMaterial | All rights reserved

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Add New Playlist

    No Result
    View All Result
    • Alerts
    • Incidents
    • News
    • Cyber Decoded
    • Cyber Hygiene
    • Cyber Review
    • Definitions
    • Malware
    • Cyber Tips
    • Tutorials
    • Advanced Persistent Threats
    • Threat Actors
    • Report an incident
    • Password Generator
    • About Us
    • Contact Us
    • Advertise with us

    Copyright © 2025 CyberMaterial