The US Treasury Department just expanded its crackdown on one of the largest crypto fraud networks ever identified. On June 23, the Office of Foreign Assets Control (OFAC) sanctioned nine individuals and 26 entities connected to the Prince Group, a Cambodia-based conglomerate accused of orchestrating sprawling cyber fraud operations that have drained billions from American victims.
This isn’t the first time the Prince Group has landed in Washington’s crosshairs. It’s actually the second major wave of sanctions, building on an October 2025 action that was, by any measure, enormous.
The backstory is staggering
Back in October 2025, the US and UK coordinated a joint action that designated the Prince Group as a transnational criminal organization. That initial salvo sanctioned 146 individuals and entities tied to the network. It also produced an indictment against the group’s founder, Chen Zhi, on charges of wire fraud and money laundering conspiracy.
But the headline number from that action was the Bitcoin seizure. Authorities confiscated approximately 127,271 bitcoins, valued at roughly $15 billion at the time. That marked the largest forfeiture in US history, full stop. Not the largest crypto forfeiture. The largest forfeiture of any kind.
