The Eastern District of New York (EDNY) has formally indicted Chinese businessman Chen Zhi, accusing him of operating a transnational criminal network through the Cambodian Prince Group, committing large-scale cryptocurrency investment fraud in over 30 countries. The indictment alleges that Chen Zhi's organization operated at least 10 fraud rings in Cambodia, defrauding victims worldwide of billions of dollars through tactics such as "pig slaughter." The US Department of Justice is seeking the forfeiture of 127,271 bitcoins and luxury assets, including yachts and private jets. The US Treasury Department also sanctioned Chen Zhi's Prince Group TCO and its Palau-based network, freezing related assets and prohibiting US citizens from transacting with them. Meanwhile, the Financial Crimes Enforcement Network (FinCEN) designated the Cambodia-based Huione Group as a significant money laundering hub, finding that the group laundered approximately $4 billion between August 2021 and January 2025, including $37 million linked to North Korean cyber thefts. FinCEN has officially severed the Huione Group from the US financial system. ZachXBT tweeted that the Bitcoin wallet address corresponding to the approximately 127,000 BTC that the US government recently announced plans to seize was flagged in a Milky Sad report nearly two years ago, which pointed out a private key vulnerability in the wallet. The US government now claims to have control of the wallet.