FBI has announced the seizure of over 127,000 BTC, valued at approximately $8 billion, as part of the international Operation Blackout targeting scam centers and their networks. This was reported by Fox News.
Raids took place in Asia, Africa, and the Middle East, resulting in nearly 300 arrests. Around 2,000 individuals were freed from centers where they were held and forced to participate in fraudulent schemes.
An additional $30 million was confiscated from entities linked to scam operations in Myanmar.
Major Case Traced to Cambodia
The bulk of the seized funds is associated with Chen Zhi, chairman of Cambodia’s Prince Holding Group.
This involves more than 127,000 BTC. Back in October 2025, the US Department of Justice filed its largest-ever forfeiture lawsuit—approximately 127,271 BTC—and charged Chen Zhi, also known as Vincent.
Investigators allege the businessman organized a network of scam centers in the country. People were held against their will and forced into crypto investment schemes. Authorities estimate the damage in billions of dollars worldwide.
At the time of the charges, Chen Zhi remained at large.
Pig Butchering Scheme
According to the Department of Justice, the centers operated on a pig butchering model—building long-term trust through messengers and social media before luring victims into “profitable” crypto projects.
Once funds were transferred, the platform vanished, and the money was withdrawn.
US authorities describe these schemes as one of the most destructive forms of crypto fraud. According to the FBI, reported losses grew from $5.8 billion in 2024 to over $7.2 billion in 2025.
The key infrastructure, according to investigators, was located in industrial scam centers in Cambodia, as well as in border areas of Myanmar and Thailand.
After the lawsuit was filed in 2025, AP, citing case materials, reported that authorities valued 127,271 BTC at more than $14 billion at the time.
If the court approves the forfeiture, part of the funds will be directed to compensate victims.
Operation Blackout has become one of the largest international operations against crypto fraud and human trafficking. The investigation is ongoing.
In 2025, the US Treasury imposed sanctions on nine entities in Myanmar and ten in Cambodia for their involvement in organizing fraudulent schemes using cryptocurrencies.