Reported by Chainalysis Team

(Excerpt shared below. To read full report, go to: https://www.chainalysis.com/blog/southeast-asia-crypto-scam-network-mining-pig-butchering-october-2025/)

On October 14, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN), in coordination with the United Kingdom’s Foreign, Commonwealth, and Development Office (FCDO), took action against cryptocurrency-enabled scam networks operating in Southeast Asia. The designation includes the Prince Group Transnational Criminal Organization (TCO) and its vast network of companies and individuals, including Chen Zhi, involved in cryptocurrency scams, mining operations, and money laundering. As part of the broader network, the U.K.’s Office of Financial Sanctions Implementation (OFSI) also sanctioned Byex Exchange, a cryptocurrency exchange platform with links to both Jin Bei Group Co. Ltd and Prince Group.

As part of the action, Huione Group, which was subject to a Notice of Proposed Rule Making (NPRM) on May 1, 2025, has now been designated under FinCEN’s Special Measures as a primary money laundering concern under Section 311 of the USA PATRIOT Act, officially severing the firm’s access to the U.S. financial system.

In addition, the U.S. Department of Justice (DOJ) has unsealed an indictment against Chen Zhi, also known as “Vincent,” the founder and chairman of Prince Holding Group (Prince Group). The DOJ also filed a historic $15 billion civil forfeiture complaint involving approximately 127,000 bitcoin linked to the fraudulent schemes.

Cryptocurrency at the center of operations

A luxury hotel and casino operation tied to the Prince Group, Jin Bei Group Co. Ltd., has been linked to a series of criminal activities across Cambodia, including extortion, forced labor, large-scale scamming, and the brutal 2023 murder of a 25-year-old Chinese national. In a 2022 U.S. takedown of a Chinese money laundering network, the FBI identified 259 Americans who lost a total of $18 million to scammers operating within Jin Bei compounds, which is just a fraction of the broader financial harm attributed to the group. Despite efforts by Prince Holding Group to disassociate itself, public records and a June 2025 Cambodian government press release confirm that it owns Jin Bei Casino, with Chen Zhi named as CEO.