Core Points - The U.S. Department of Justice has formally charged Chen Zhi, founder of the Prince Group in Cambodia, with telecommunications fraud and money laundering, marking a significant crackdown on international crime [1][2] - The operation involved the seizure of approximately 127,271 bitcoins, valued at around $15 billion, making it the largest asset forfeiture in the department's history [1][2] Group 1: Criminal Activities - Chen Zhi, a dual citizen of the UK and Cambodia, was previously seen as a legitimate businessman but is now identified as a key figure in Asia's largest transnational crime organization [3][4] - The Prince Group has established companies in over 30 countries, which were used as fronts to conceal fraudulent activities [4] - The criminal network operated "phone farms" in Cambodia, utilizing 1250 mobile phones and controlling 76,000 social media accounts to perpetrate scams [5][6] Group 2: Victimization and Exploitation - Hundreds of individuals were reportedly lured or trafficked to Cambodia, forced to participate in cryptocurrency scams under threats of violence and coercion [10][11] - The operation is described as a combination of modern slavery and high-tech fraud, with many perpetrators also being victims of trafficking and forced labor [10][11] Group 3: Legal and Financial Consequences - The U.S. Treasury has frozen all assets and interests of individuals and entities associated with the Prince Group within the U.S., affecting 146 individuals and entities [13][14] - The U.S. has reported losses exceeding $16.6 billion due to online investment fraud in recent years, with an estimated $10 billion loss expected in 2024 alone, a 66% increase from the previous year [14] - The UK has also frozen 19 properties linked to Chen Zhi in London, valued at over £100 million, highlighting the international scope of the crackdown [15]