US Seizes US15 Billion in Bitcoin as Prince Group Rejects Crypto Scam Allegations

Cambodia-based conglomerate Prince Group has firmly denied allegations linking the company and its founder, Chen Zhi, to a sprawling global cryptocurrency investment scam network.

The allegations surfaced last month when the US Department of Justice (DOJ) charged Chen with conspiracy to commit wire fraud and money laundering. US authorities accused him of directing forced-labour scam compounds across Cambodia that allegedly defrauded victims around the world, including in the United States. As part of the investigation, the US also seized an estimated US$15 billion (RM63.35 billion) in bitcoin, believed to be tied to the alleged schemes.

Prince Group responded on Tuesday (Nov 11) through a statement on its website, saying it “categorically rejects the notion” that either the group or Chen engaged in illegal activity. The company labelled the allegations “baseless and aimed at justifying the unlawful seizure of assets worth billions of dollars.”

The conglomerate added that the accusations, amplified by repeated media coverage, have caused “undue harm” to thousands of innocent employees, partners, and communities connected to its businesses.

Prince Group insisted that it remains committed to integrity, responsible investment, and sustainable economic growth, noting that it has operated for over a decade in full compliance with applicable laws. The company stated that it has engaged a legal team led by Boies Schiller Flexner LLP, expressing confidence that the evidence will ultimately exonerate both the group and its chairman.

Prince Groups diverse portfolio spans real estate development, financial services and consumer services, with key units including Prince Real Estate Group, Prince Huan Yu Real Estate Group and Prince Bank.

It was previously reported that several Malaysians sit on the board of Prince Bank, among them former Bank Negara Malaysia governor Tan Sri Muhammad Ibrahim and Liong Khai Sim, a former senior finance executive at Maybank Group.

Read here for more information: https://www.wikifx.com/en/newsdetail/202511054354225275.htmlNeither these individuals nor the bank itself have been directly implicated in any crime. However, the US Department of the Treasury stated on Oct 14 that criminal proceeds from Prince Group have been used to help fund what appear to be legitimate enterprises, including Prince Bank, in which Chen is the majority shareholder.