Cambodia extradited Prince Group tycoon Chen Zhi to China on Jan 7 for allegedly masterminding a massive crypto scam involving forced labor. US seized $14B in bitcoin; UK sanctioned his firm.

Cambodia has extradited Prince Group chairman Chen Zhi to China after his arrest in a sprawling crypto fraud case tied to forced labor, trafficking allegations, and billions in illicit proceeds.

Federal authorities in the U.S. have frozen and seized more than $580 million in cryptocurrency tied to Southeast Asian scam networks. The action is part of a broader Justice Department initiative targeting crypto investment fraud, while Chainalysis data shows illicit crypto addresses received at least $154 billion in 2025.

The FBI’s Internet Crime Complaint Center said cryptocurrency-related fraud cost Americans more than $11.366 billion in 2025, making digital assets the largest loss category in the agency’s annual cybercrime report. Based on 1,008,597 total complaints and $20.877 billion in nationwide cybercrime losses, crypto alone represented 181,565 complaints and more than half of all reported losses. The report highlights crypto investment fraud as the biggest driver, with $7.2 billion lost through schemes that typically begin on social media, messaging apps, dating platforms, or online ads and later funnel victims to fake investment dashboards showing fabricated profits. The FBI also found that crypto has become a preferred payment rail across multiple scam types, including 72% of investment fraud transactions, 43% of tech support scams, and 40% of government impersonation schemes. Older Americans suffered the most, with people aged 60 and above reporting $4.43 billion in crypto-related losses. The Bureau said Operation Level Up and a separate interagency strike force are now focused on warning victims in real time and disrupting Southeast Asian scam compounds tied to organized crime.

The U.S. Department of Justice has frozen and seized over $580 million in cryptocurrency connected to Southeast Asian scam operations through its Scam Center Strike Force, formed in November 2025. The 'pig butchering' schemes target American victims via social media and text messages, costing an estimated $10 billion annually. Meanwhile, Chainalysis data reveals that illicit crypto addresses received at least $154 billion in 2025, a 162% year-over-year surge, with stablecoins accounting for 84% of illicit volume. The DOJ is coordinating with FBI, Secret Service, and IRS to dismantle the criminal networks and return funds to victims.

The FBI's Internet Crime Complaint Center (IC3) released its 2025 annual report, revealing that cryptocurrency-related fraud losses exceeded $11.3 billion, accounting for more than half of all reported cybercrime losses nationally. Investment scams were the largest threat, generating $7.2 billion in losses. Seniors aged 60+ suffered the heaviest burden with $4.43 billion in losses. The report also uncovered organized criminal enterprises in Southeast Asia using human trafficking victims, and highlighted the FBI's 'Operation Level Up' which saved over $500 million.

The FBI's Internet Crime Complaint Center released its 2025 annual report, revealing that cryptocurrency-related fraud drained over $11.3 billion from American victims last year, accounting for more than half of all reported cybercrime losses. Cryptocurrency investment scams were the top threat, generating $7.2 billion in losses. Seniors aged 60 and older suffered $4.43 billion in losses, the highest among all age groups. The FBI's Operation Level Up notified 3,780 victims and saved an estimated $225.8 million in 2025 alone, while the Strike Force targeted Southeast Asian scam compounds linked to organized crime.