In a massive crackdown on global online crime, authorities in the United States and the United Kingdom have taken sweeping action against the Prince Group Transnational Criminal Organization (TCO). The group, notorious for running large-scale online scams known as “pig butchering,” has faced sanctions and a historic cryptocurrency seizure worth $15 billion.
Massive Sanctions Target Prince Group
On October 14, 2025, the US Department of the Treasury and the UK Foreign, Commonwealth, and Development Office (FCDO) announced a coordinated strike against the Prince Group TCO. The group is based in Southeast Asia and has been involved in scams that trick people into investing money online, only to lose it to the criminals.
Authorities have sanctioned 146 individuals connected to the Prince Group TCO, along with several affiliated companies. These measures aim to freeze TCO’s assets and block access to the financial system. The organization’s activities are linked to human trafficking, forced labour, and brutal working conditions at scam operation sites.
EU targets Russian ‘shadow fleet’ in new sanctions over fake Caribbean ship flags
Among the targeted companies is Jin Bei Group, a luxury hotel and casino chain connected to the Prince Group TCO. Reports show that the company has forced workers into scam compounds in Cambodia. In addition to scams, Jin Bei operates online gambling and a Telegram-based marketplace for scam operations. Cryptocurrency analysis reveals that Jin Bei has received over $280 million, mainly in Tether’s USDT stablecoin.
Billion-Dollar Crypto Wallets Exposed
The crackdown also revealed that Prince Group TCO leaders controlled multiple cryptocurrency wallets holding massive amounts of bitcoin. Four main bitcoin addresses connected to the group currently contain about $1.8 billion, with an additional address holding $560 million. These bitcoins were obtained through mining operations between 2021 and 2022 and had been largely inactive since 2023.
Authorities confirmed that much of the bitcoin came from the group’s mining business in Laos. The seized funds were traced from unhosted cryptocurrency wallets whose private keys were personally controlled by the group’s leaders. The seized $15 billion worth of bitcoin represents one of the largest crypto forfeitures in history.
In addition to the US action, the UK has sanctioned Byex Exchange, linked to the Prince Group TCO, which has processed at least $1.3 billion in cryptocurrency transactions. These measures highlight the growing role of blockchain analysis in tracking and curbing illegal financial activity.
China blocks business with 5 U.S. subsidiaries of Hanwha Ocean in trade dispute
The Scale of “Pig Butchering” Scams
The Prince Group TCO is known for running “pig butchering” scams, which trick victims into investing money with promises of high returns. In reality, the funds are stolen, and victims lose millions of dollars. Reports indicate that these scams alone have defrauded Americans of over $16.6 billion.
Authorities say the scams are often run from remote compounds where workers, many of whom are victims of human trafficking, are forced to operate under horrific conditions. Some workers have been subjected to torture and modern-day slavery. The criminal network uses sophisticated online platforms and cryptocurrencies to launder illicit funds, making it difficult for authorities to track the money without advanced blockchain tools.
Elliptic, a blockchain analytics firm, confirmed that the transparency of blockchain technology was key in identifying the financial flows of the Prince Group TCO. By tracing transactions and wallet activity, authorities were able to seize stolen funds and prevent further criminal activity.
This historic enforcement action underscores the ongoing global effort to combat online scams, forced labour, and money laundering effectively across multiple jurisdictions. By targeting both the individuals and the companies directly involved in these illegal activities, authorities aim to significantly disrupt the operations of one of the world’s most notorious and dangerous transnational criminal organizations.