Global Cryptocurrency Fraud Ring Dismantled: Over $11.6 Billion in Bitcoin Seized in Historic Law Enforcement Operation

International Crackdown Targets Massive “Pig Butchering” Scam Network Operating Across Multiple Continents

A coordinated international law enforcement effort has resulted in the dismantling of one of the largest cryptocurrency fraud operations ever documented. Authorities have successfully confiscated approximately 127,000 Bitcoin—currently valued at roughly $11.6 billion—in what represents a record-breaking civil forfeiture case spearheaded by the U.S. Department of Justice.

The criminal enterprise, which operated under Prince Holding Group, orchestrated sophisticated deception schemes targeting victims across the United States and globally. The network employed a predatory social engineering technique known as “pig butchering,” where fraudsters methodically build rapport with targets before systematically depleting their financial resources. This calculated approach mirrors the practice of nurturing livestock before slaughter—hence the ominous nomenclature.

Operational Structure and Criminal Methodology

Intelligence gathered during the investigation reveals that the organization maintained multiple compounds, particularly in Cambodia, where hundreds of trafficked workers were coerced into executing the fraudulent schemes. The operation demonstrated remarkable organizational sophistication, with meticulous record-keeping systems and deliberate strategies to obscure illicit earnings through cryptocurrency transactions. Leadership maintained strict operational oversight, ensuring compliance across the sprawling network.

The confiscated assets traced to this organization reveal the scale of the criminal enterprise. Investigators documented how proceeds were diverted toward extravagant expenditures, including acquisition of high-value art and luxury goods, suggesting a sophisticated money laundering infrastructure designed to legitimize criminal wealth.

Law Enforcement Response and Broader Implications

The U.S. Department of Justice designation of Prince Holding Group as a transnational criminal organization underscores the severity of the threat. Sanctions have been imposed on the primary orchestrator and multiple associates, with extradition proceedings initiated to Cambodia. These prosecutorial actions represent a significant escalation in cross-border cryptocurrency crime enforcement.

However, the magnitude of this seizure illuminates a broader crisis within the digital asset ecosystem. According to blockchain analysis firms, criminal wallets collectively hold in excess of $75 billion in cryptocurrency. Most concerning is the composition of these holdings: illicit actors controlled nearly $15 billion in mid-2025, a figure that has surged over 300% since 2020, with theft constituting the predominant source.

This enforcement action signals intensified governmental vigilance against organized cryptocurrency crime networks. The convergence of international cooperation, advanced forensic capabilities, and coordinated sanctions appears to be reshaping enforcement landscapes in the digital asset space. Bitcoin’s role as a medium in large-scale fraud operations continues to attract regulatory scrutiny and law enforcement resources globally.