The U.S. Department of Justice's recent move is truly shocking. A major case just broke involving Cambodian Prince Group founder Chen Zhi, who is accused of organizing the world's largest pump-and-dump scam. The DOJ directly confiscated over 120k bitcoins from him, worth approximately $14.2 billion, setting the record for the largest cryptocurrency seizure in U.S. history.

This is not just a DOJ action; the Treasury Department also followed suit, officially listing the Prince Group as a transnational criminal organization and freezing all financial activities. According to the indictment, Chen Zhi built this group into one of Asia's largest scam organizations, forcing trafficked victims to carry out pump-and-dump schemes inside scam zones in Cambodia, deceiving victims worldwide out of billions of dollars through fake romantic relationships. These zones are heavily guarded, surrounded by barbed wire, and employ complex cryptocurrency money laundering techniques to conceal their crimes.

Interestingly, Chen Zhi himself is still at large, but it is said that he has been living a luxurious life using the proceeds of scams—buying luxury watches, yachts, private jets, and even collecting Picasso paintings. On the same day, the U.S. Treasury also sanctioned another Cambodian company, Wanhua Group, accusing it of laundering money for long-term crypto scam organizations.

The most mysterious part is yet to come. According to blockchain analysis firm Elliptic, these 120k bitcoins allegedly originated from a mining company called roadside mining pool, which Chen Zhi is said to control behind the scenes. After these assets went missing in 2020, the roadside mining pool immediately ceased operations. But there’s a huge mystery: no one has truly figured out how U.S. authorities gained custody of these bitcoins, nor who exactly "stole" them from Chen Zhi, and whether this theft even really happened remains a question mark.

The final destination of these assets has also sparked concern. The Trump administration previously ordered the Treasury to establish a Bitcoin strategic reserve to store government-seized cryptocurrencies, implying that the $14.2 billion worth of bitcoins might eventually be incorporated into the U.S. Bitcoin reserve. This pump-and-dump case is not just about cracking down on scams; it also involves complex issues like global financial sanctions and cryptocurrency tracking, making it a case worth continuous attention.