Seized, Sanctioned, Still Moving: The Strange Afterlife of Prince Group’s Bitcoin Fortune
The U.S. Department of Justice and the U.K. government have launched one of the largest joint crackdowns in history - targeting the Prince Group Transnational Criminal Organization, a Southeast Asian network accused of human trafficking, online scams, and crypto-based laundering. At the center is Cambodian businessman Chen Zhi, indicted for wire fraud and money laundering, whose conglomerate allegedly ran “pig butchering” scam compounds across Cambodia, Myanmar, and Laos. These operations forced trafficking victims to carry out romance and investment scams on an industrial scale.
Authorities seized an unprecedented 127,000 Bitcoin (valued at $15 billion) - the largest crypto forfeiture ever from wallets linked to Chen Zhi. According to Elliptic, these wallets originated from a 2020 theft of Bitcoin belonging to the Chinese mining firm LuBian, later funneled through the group’s Laos-based mining subsidiary, Warp Data Technology.
The sweep involved 146 individuals and entities across Asia, the UAE, and the Caribbean. FinCEN also cut off Huione Group, a Cambodian conglomerate that processed over $4 billion in suspicious crypto flows. Analysts from Chainalysis and TRM called it a “watershed moment for crypto enforcement”, marking a turning point in the global response to blockchain-enabled human exploitation.
Yet, even amid the crackdown, the plot thickened. Just a day after the DOJ’s announcement, LuBian-linked wallets moved 11,886 BTC (worth $1.3B) after years of dormancy - a move spotted by Arkham Intelligence and Lookonchain. The transfers raise questions about coordination, custody, and how far-reaching the Prince Group’s crypto infrastructure really goes.
ZachXBT Cracks $28M Bittensor Hack Using Anime NFTs as Clues
ZachXBT has done it again, this time tracing one of the $28 million Bittensor ($TAO) hackers through an unexpected breadcrumb trail: anime NFTs.
Starting from two primary theft addresses, Zach followed the funds through bridges, Railgun privacy pools, and instant exchanges, uncovering a string of wash trades involving the Killer GF NFT collection. The suspicious trades stood out: wallets were overpaying many multiples above floor price, cycling funds between connected addresses.
The on-chain forensics led back to wallets tied to a former OpenTensor engineer known as “Rusty,” who has since been named in a civil suit related to the hack.
As Zach put it, “it’s extremely rare to see exploits involving NFT wash trading,” but this one may become a case study in crypto investigation precision and how even privacy layers can’t fully hide sloppy laundering.
TRM Labs Aids Brazil in $540M Operation Lusocoin Takedown
Brazil’s Federal Police have struck at the heart of a massive $540 million crypto laundering scheme in Operation Lusocoin, targeting a Dubai-based network that washed billions in illicit profits through crypto, shell firms, and a self-issued token.
The organization funneled proceeds from drug trafficking, tax evasion, and smuggling across Brazil’s borders, using “crypto brokers” and front companies to disguise the flow of funds.
With help from TRM Labs and the T3 Financial Crime Unit, investigators froze 3 billion reais in assets, including 4.3 million USDT and dozens of wallets tied to organized crime.
This marks Brazil’s sixth major crypto operation using T3 — and another clear sign the country’s digital forensics capabilities are rapidly catching up to global money-laundering networks.
More weekly top stories:
North Korea's crypto hackers have stolen over $2 billion in 2025
See you next week!
