Lawyers for Chen Zhi, the businessman behind Cambodia-based Prince Holding Group, have filed a motion in US federal court challenging the government’s seizure of 127,271 Bitcoin associated with him.
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 Prince Holding Group.
Prosecutors tied the funds to alleged “pig-butchering” scams and other illicit activities connected to Chen and his operations, including romance and investment fraud. Chen’s legal representatives argue the US government has not clearly shown the seized Bitcoin originated from fraud or money laundering, and they question the timeline presented by authorities. They also state many accusations against Chen are "provably and obviously false."
The confiscated Bitcoin trove was estimated to be worth about $14 billion when first targeted for seizure. Following recent price volatility, the 127,271 Bitcoin is currently valued at approximately $8.8 billion.
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.