Key Takeaways
- • The US Treasury Department (OFAC) sanctioned nine individuals and 26 entities connected to Cambodia's Prince Group on June 23, 2026, marking the second major enforcement wave against the transnational crypto fraud network in eight months.
- • The Prince Group's founder, Chen Zhi, was extradited to China in January 2026 following his October 2025 indictment on wire fraud and money laundering charges; authorities had previously seized approximately 127,271 bitcoins valued at roughly $15 billion—the largest forfeiture in US history across all asset classes.
- • The network orchestrated "pig butchering" scams that defrauded billions from American victims by building fake romantic and investment relationships over extended periods before directing targets to fraudulent crypto platforms.
- • The October 2025 coordinated US-UK action designated the Prince Group as a transnational criminal organization and sanctioned 146 individuals and entities; the continued June 2026 sanctions indicate the network maintained sufficient operational infrastructure to warrant additional enforcement action despite leadership incapacitation.
Summary
The US Treasury Department's Office of Foreign Assets Control (OFAC) announced comprehensive new sanctions against the Prince Group on June 23, 2026, targeting nine individuals and 26 entities connected to what law enforcement has identified as one of the largest crypto fraud networks ever documented. This action represents an escalation of enforcement efforts that began in October 2025, when the US and UK coordinated a joint operation designating the Prince Group as a transnational criminal organization and sanctioning 146 targets across the network.
The October 2025 action produced headline-making results beyond the sanctions themselves. Authorities confiscated approximately 127,271 bitcoins valued at roughly $15 billion at the time of seizure—a figure that represents the largest forfeiture in US history, not merely the largest cryptocurrency forfeiture. Chen Zhi, identified as the Prince Group's founder and chairman, was indicted on charges of wire fraud and money laundering conspiracy in connection with the scheme. Chen Zhi was subsequently arrested and extradited to China in January 2026, but the network apparently retained sufficient operational capacity and infrastructure to necessitate the June 2026 enforcement action.
The Prince Group's criminal methodology centered on sophisticated fraud tactics known as "pig butchering" scams. According to law enforcement characterizations, scammers built fake romantic or investment relationships with victims over weeks or months, gradually building trust and credibility before convincing targets to invest in fraudulent cryptocurrency platforms. The scale of the operation resulted in billions of dollars in losses to American victims, making it a priority target for coordinated international law enforcement.
The progression from October 2025 to June 2026 demonstrates the interconnected nature of the network and the challenges in dismantling large-scale organized fraud operations. Despite the seizure of substantial Bitcoin holdings, the extradition of the founder, and the initial wave of 146 sanctions designations, the Prince Group retained enough distributed operational structure to warrant continued enforcement action. The June 2026 sanctions targeting an additional 35 targets (nine individuals and 26 entities) indicate that secondary leadership or compartmentalized elements of the organization continued functioning.
The October 2025 action produced headline-making results beyond the sanctions themselves. Authorities confiscated approximately 127,271 bitcoins valued at roughly $15 billion at the time of seizure—a figure that represents the largest forfeiture in US history, not merely the largest cryptocurrency forfeiture. Chen Zhi, identified as the Prince Group's founder and chairman, was indicted on charges of wire fraud and money laundering conspiracy in connection with the scheme. Chen Zhi was subsequently arrested and extradited to China in January 2026, but the network apparently retained sufficient operational capacity and infrastructure to necessitate the June 2026 enforcement action.
The Prince Group's criminal methodology centered on sophisticated fraud tactics known as "pig butchering" scams. According to law enforcement characterizations, scammers built fake romantic or investment relationships with victims over weeks or months, gradually building trust and credibility before convincing targets to invest in fraudulent cryptocurrency platforms. The scale of the operation resulted in billions of dollars in losses to American victims, making it a priority target for coordinated international law enforcement.
The progression from October 2025 to June 2026 demonstrates the interconnected nature of the network and the challenges in dismantling large-scale organized fraud operations. Despite the seizure of substantial Bitcoin holdings, the extradition of the founder, and the initial wave of 146 sanctions designations, the Prince Group retained enough distributed operational structure to warrant continued enforcement action. The June 2026 sanctions targeting an additional 35 targets (nine individuals and 26 entities) indicate that secondary leadership or compartmentalized elements of the organization continued functioning.
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