Singapore freezes more than $150 million in assets linked to Chen Zhi in a coordinated international operation targeting a large-scale “pig butchering” and money laundering network.
Authorities in the United States, the UK, and Singapore are taking action in unison: criminal prosecutions, sanctions on a range of entities, and blocking the flow of money allegedly facilitated through more than 100 shell companies, exchanges, and Bitcoin mining operations.
- Singapore froze more than $150 million in assets (about $106 million) linked to Chen Zhi; the operation took place on October 30 and was announced the following day.
- Allegations: Prince Holding Group operated a “pig butchering” scheme, forced labor at its complexes in Cambodia, laundered money through >100 shell companies, and converted it into Bitcoin.
- Notable on-chain activity: LuBian-related wallets moved 11,886 BTC and 15,959 BTC shortly after the indictments were announced, raising concerns of pre-enforcement asset redeployment.
Singapore freezes assets linked to Chen Zhi in sign of cross-border crackdown
Singapore police said they have frozen more than $150 million in assets linked to Chen Zhi, equivalent to about $106 million, as part of an investigation into a transnational fraud network (Caixin, October 31, 2025).
The operation, launched on October 30, targeted six properties, bank and stock accounts, cash, a yacht, 11 vehicles and high-end liquor linked to Chen and his associates who are based outside Singapore. The move comes shortly after the United States and the United Kingdom announced criminal charges against Chen in mid-October.
Details of enforcement
Asset freezes are steps taken to prevent the movement of suspected assets while investigations continue. The backdrop is a global effort to crack down on “pig butchering” fraud and cryptocurrency money laundering, with agencies simultaneously stepping up asset recovery and freezing suspected criminal Capital .
Allegations of “pig butchering” are at the heart of the investigation into Prince Holding Group
US prosecutors accuse Prince Holding Group of running a large-scale “pig butchering” scam, luring workers to Cambodia under false pretenses and forcing them to target victims online in heavily guarded compounds.
Prince Holding Group was founded by Chen in 2015, introduced as a multi-industry investment group (real estate, finance, hotels). However, according to the accusation, this entity operates as a sophisticated criminal network, exploiting forced labor and social engineering to appropriate assets through cryptocurrencies.
Methods of enticing and forcing labor
The focus of the scheme is on emotional/investment baiting, maintaining long-term interactions, and asking victims to deposit money into the fake platform. The suspect is accused of using a closed infrastructure to train, coerce, and conceal, making cross-border investigations difficult.
Money laundering network layered through more than 100 shell companies and mining operations
Court documents show the money was laundered through more than 100 shell companies, exchanges and cryptocurrency mining facilities, then converted to Bitcoin to erase traces of its origin.
The transition to Bitcoin and the shuffling through multiple layers of legal entities makes traditional tracing more difficult. The layered structure also creates a legal “filter,” prolonging the time to detection and recovery.
Mechanism for converting to Bitcoin to hide origin
The charges allege the network leveraged cryptocurrency mining to create “clean Bitcoins,” separate from the original criminal proceeds. This tactic was intended to weaken the direct link between victims and potential forfeitures.
Capital from US victims show scale beyond initial detection
From May 2021 to August 2022, the network allegedly transferred at least $18 million from more than 250 victims in the United States through entities in Brooklyn and Queens.
The above figure is only a small part compared to the total cash flow in the case. The discovery of additional intermediary legal entities shows that the money laundering structure may have operated on a large scale and for a long time.
Synchronized sanctions from the US and UK expand deterrent impact
In October, the US Treasury Department's OFAC sanctioned 146 individuals and entities affiliated with Prince Group, while the UK also announced parallel sanctions against Chen's associates.
In parallel, FinCEN reported that Huione Group in Cambodia had laundered more than $4 billion, highlighting the significant scale of Capital flows misused through financial platforms and cryptocurrencies (FinCEN, 2025). This is in the context of increased international cooperation against fraud through cryptocurrencies.
LuBian's On-Chain Activity Shows Pre-Forfeiture Asset Redeployment Capability
Shortly after the US indictment was announced, a wallet tied to the LuBian mining pool, previously linked to Chen, moved 11,886 BTC, worth an estimated $1.3 billion — the first transaction in three years (Arkham Intelligence).
A week later, another 15,959 BTC, worth approximately $1.83 billion, was transferred through four addresses (OnchainLens, 2025). The move raised concerns about asset redeployment to avoid enforcement action.
Large BTC Transactions Tied to LuBian
LuBian emerged in 2020 but suffered a security incident that drained more than 90% of its assets, an estimated 127,426 BTC, currently equivalent to about $14.5 billion (Arkham Intelligence). The pool disappeared in early 2021 and most of its assets "hibernated" until mid-2024 before becoming active again.
DOJ Pursues Large-Scale Bitcoin Seizure; Success Would Boost Federal Reserves
If the US Department of Justice wins the forfeiture case, the seized Bitcoin would become one of the largest additions to federal assets.
Prosecutors allege Chen used mining facilities like LuBian and Warp Data in Laos to create “clean Bitcoins,” deliberately separating them from their original source of income. The size of the targeted seizure of about $14.4 billion in Bitcoin shows the determination to recover the proceeds of crime.
Objectives and potential impact on the market
Beyond deterrence, the seizure of large amounts of BTC could have a psychological impact on the market if it is processed, auctioned, or held in long-term custody. This development coincides with the release of T3’s first-year results, suggesting that the private sector is playing a larger Vai in supporting investigations and mitigating the risk of crypto-crime.
Lesson: Security is increasingly difficult to balance with the core principles of cryptocurrencies
The increasing sophistication of digital crime makes the balancing act between protecting victims, tightening enforcement, and maintaining decentralization principles challenging.
In a context of expanding investigations and increasing asset seizures, compliance standards, on-chain analytics, and interagency cooperation are key levers to stem the flow of criminal Capital without stifling innovation.
Summary of enforcement measures and sanctions
| Agency/Country | Act | Scale/detail | Time |
|---|---|---|---|
| Singapore | Asset freezing | Over 150 million assets, about 106 million USD; 6 real estates, bank & securities accounts, yacht, 11 cars, high-end wine | Effective October 30; announced October 31, 2025 (Caixin) |
| United States (DOJ) | Criminal indictment, confiscation | Efforts to seize about $14.4 billion in Bitcoin | Mid-October 2025 |
| United States (OFAC) | Sanctions | 146 individuals/legal entities associated with Prince Group | October 2025 |
| UK | Parallel sanctions | Chen and colleagues | October 2025 |
| United States (FinCEN) | Report | Huione Group laundered more than 4 billion USD | 2025 |
Frequently Asked Questions
Who is Chen Zhi?
Chen Zhi is the Chinese-born chairman of Prince Holding Group, which operates in Cambodia and is accused of being involved in a large-scale “pig butchering” and money laundering scheme.
Why did Singapore freeze assets related to the case?
This is a measure to prevent the transfer of suspected assets during the investigation, in line with international coordination efforts following the announcement of indictments and sanctions by the US and UK.
What is “Pig butchering”?
It is a long-term trust (emotional/investment) scam model that makes victims deposit money into fake platforms, often associated with forced labor and closed fraud infrastructure.
Why is Bitcoin used in network money laundering?
Bitcoin is globally transferable and can be layered across multiple addresses and scramblers, obscuring its origin. The network is also allegedly mining to create “clean Bitcoins.”
Which agencies took action in this case?
US DOJ prosecutes and pursues forfeiture, OFAC sanctions 146 entities, UK imposes parallel sanctions, Singapore freezes over $150 million in assets; FinCEN adds money laundering lines related to Huione Group.
