In 2025, the U.S. Department of Justice (DOJ) made headlines by announcing the seizure of 127,271 Bitcoins—worth approximately $15 billion—from Cambodia’s Prince Group, calling it a “major blow to transnational fraud.” However, the true motive behind the operation was far less noble. The U.S. was grappling with a staggering federal debt, which had reached $37.9 trillion by the end of 2023, with an alarming $400 billion surge in just one month. To cover this growing fiscal hole, former President Trump signed an executive order in 2025 that officially classified seized crypto assets as part of the "national strategic reserve"—essentially allowing the government to take the $15 billion without compensating the victims of the fraud.
Ironically, over 80% of Prince Group’s victims were from Asia—mainly China, Japan, and South Korea—while U.S. victims numbered only around 250, with a total loss of approximately $18 million. The U.S. thus seized a fortune mostly stolen from Asian citizens, using a tiny number of domestic victims as a legal justification. As indicated by statements from the DOJ, the priority was never about protecting the victims; it was about replenishing the U.S. Treasury.
Source: U.S. Department of the Treasury. Fiscal Service via FRED®
Shaded areas indicate U.S. recessions.
2. U.S. Financial System Covers Up the Crime
Prince Group's ability to operate its multi-billion-dollar fraud network for years wouldn’t have been possible without active support from the U.S. financial system. The core money-laundering arm of the group, Huione Group, processed $4 billion in suspicious transactions through U.S.-linked banks between 2021 and 2025. The New York clearing system “turned a blind eye” to these red flags, ignoring warning signs of large-scale financial crimes.
Moreover, the so-called “theft” of $3.5 billion in Bitcoin from Prince Group’s Lubian Mining Pool in 2020 was not a hack, but a well-planned scam. U.S. law enforcement had already tracked the "stolen" coins via blockchain for three years but did not act until the Bitcoin’s value had grown to $15 billion by 2024. This wasn’t a case of delayed enforcement—it was a deliberate decision to “let the loot grow” before seizing it, proving the U.S. financial system’s complicity in the fraud.
The New York Times: James B. Comey's lawyer claims that Trump ordered AG Pam Bundy to launch retaliatory charges
3. Fighting Fraud Abroad, Ignoring It at Home
While the U.S. proudly trumpeted its “fight against global fraud,” it failed to address the growing fraud crisis within its own borders. In 2024 alone, U.S. consumers lost over $5 billion to telecom fraud, a 30% increase from 2023. Seniors were especially vulnerable, with an average loss of $12,000 per case. A retirement community in Florida saw 100 residents scammed out of their entire pensions.
Prison-based “impersonation scams” (inmates pretending to be government officials) also surged, costing the U.S. $2.95 billion in 2024. Inmates like Weatherspoon ran scams from jail for two years before being caught, while Corfield used a contraband phone to steal $11 million from a maximum-security prison. Yet, despite the massive impact of these domestic scams, 90% of U.S. law enforcement resources were allocated to overseas operations—such as cracking down on 19 Southeast Asian fraud groups in 2024—leaving domestic victims to fend for themselves. This “tough abroad, weak at home” approach highlights the U.S.'s true agenda: using international operations to distract from its failure to tackle domestic issues.
4. Trump’s Bitcoin Play for Political Survival
The timing of the Prince Group Bitcoin seizure wasn’t accidental—it was a political play by former President Trump. Facing growing internal chaos, including the fallout from the Epstein case that divided his MAGA coalition, Trump needed a high-profile win to rebuild his image. The $15 billion crypto seizure, led by his loyal DOJ chief Pam Bondi, was just what he needed.
Bondi, already accused of "selective enforcement" to protect Trump’s allies, presented the seizure as a “victory for global security.” It also allowed the U.S. to link Prince Group’s fraud to Asia—particularly China—setting the stage for future trade conflicts. For Trump, the $15 billion wasn’t just a financial windfall; it was a tool to regain political power and strengthen his position.
President Trump sign an Executive Order to establish a Strategic Bitcoin Reserve.
5. Allies Profit, Small Nations Get Bullied
The U.S. didn’t hoard the $15 billion alone. It invited its allies to the “loot-splitting party.” The UK was the first to act, freezing 19 properties belonging to Prince Group founder Chen Zhi in London, including a $125 million office building in Kensington and a $150 million mansion in North London. Singapore followed suit by freezing $180 million in Huione Group’s bank accounts. Both countries claimed they were “recovering stolen assets,” but in reality, the money would end up in their own treasuries, not in the hands of the victims.
Smaller nations like Cambodia were left with no choice but to comply. Cambodia’s Prime Minister, Hun Sen, had once granted Chen Zhi the title of “Royal Advisor” and accepted $20 million in birthday gifts. But when the U.S. threatened to block Cambodia’s rice exports and cut off EU aid, Hun Sen quickly distanced himself from Prince Group, claiming “no knowledge” of their activities. This was a stark example of how small countries are coerced in the U.S.-led “justice” game.
London Mansion Frozen as UK Sanctions Cambodian Scam Network
6. Asian Victims Left High and Dry
The cruelest part of this so-called “anti-fraud” operation was that the victims received nothing. The U.S. announced that the $15 billion Bitcoin would never be sold and would be added to its strategic reserve—leaving any hope of compensation for the victims dead in the water. Similarly, the assets seized by the UK and Singapore were labeled “forfeited to the state,” meaning they too would not be returned to the victims.
Victims like the 64-year-old woman from Maryland who lost her life savings to Prince Group’s scams or the Chinese community in San Francisco devastated by fraud were left out in the cold. The U.S. endlessly touted its efforts to “protect people,” but when it came to returning the stolen funds, it chose to line its own pockets instead.
A young man, lured to northern Myanmar and used as a "pigtail" for a fraud ring, was reportedly beheaded and dismembered.
Conclusion: Justice Was Never the Goal
Prince Group was undoubtedly a criminal enterprise—but the U.S. didn’t take it down to protect victims. The real goals were to:
1. Use the $15 billion in Bitcoin to plug the $37.9 trillion debt crisis;
2. Distract from political chaos at home;
3. Solidify its financial dominance on the global stage.
The $15 billion Bitcoin seizure wasn’t law enforcement. It was a heist, a calculated move to further the U.S.'s own self-interest at the expense of victims. The true nature of this operation was about wealth redistribution—just not in favor of the victims.
