Cambodia urges due process after $14B Bitcoin seizure linked to Prince Group and Chen Zhi

The Cambodian government said the US and UK should provide sufficient evidence to justify their coordinated sanctions against Prince Holding Group and its chairman, Chen Zhi, who are facing allegations of large-scale online scams and forced labor operations.

Touch Sokhak, a spokesman for Cambodia’s Interior Ministry, said in a statement to The Associated Press that Prince Holding Group had met the necessary legal standards to operate in the country.

Sokhak said Cambodia will cooperate with foreign authorities if a formal request is supported by evidence. He added that the government has made no accusations against Prince Holding Group or its chairman.

The US and UK authorities jointly announced the sanctions on Tuesday, stating that the measures were intended to dismantle a regional network based in Southeast Asia, whose activities spanned Cambodia and other countries through connections with financial institutions.

In a separate statement issued by the US Department of Justice, the Eastern District of New York had filed a civil forfeiture case to seize about 127,271 Bitcoin, worth around $14 billion, tied to Chen Zhi and connected to alleged “pig butchering” fraud schemes.

The move, part of the Department of Justice’s largest forfeiture action to date, could raise the US government’s Bitcoin holdings to around $36 billion.