cryptobriefing.com
Lawyers for Chen Zhi, the Chinese-born businessman behind Cambodia-based Prince Holding Group, accused of links to global scam operations, have filed a motion in US federal court challenging the government’s seizure of 127,271 Bitcoin associated with him, according to a new report from Bloomberg.
In October 2025, the US Attorney’s Office for the Eastern District of New York and the Justice Department’s National Security Division filed a civil forfeiture case to seize the Bitcoin stash connected to the Prince Holding Group.
Prosecutors tied the funds to alleged “pig-butchering” scams and other illicit activities connected to Chen and his Prince Holding Group operations, including romance and investment fraud carried out against victims worldwide.
However, Chen’s legal representatives argued that the US government did not clearly show that the seized Bitcoin came from fraud or money laundering and questioned the timeline presented by authorities.
Lawmakers also said many accusations against Chen are “provably and obviously false.”
The confiscated Bitcoin trove was estimated to be worth about $14 billion when it was first targeted for seizure.
Following recent price volatility in Bitcoin, the 127,271 Bitcoin is currently valued at approximately $8.8 billion. The leading crypto asset is currently trading at about $69,500, marking a roughly 2% decline over the last 24 hours, on-chain data shows.
After the US indictment last October, Chen faced sanctions from the US and UK and heightened scrutiny across Asia. Cambodia arrested him in January 2026, revoked his citizenship, and extradited him to China.