The FBI has announced the seizure of over 127,000 BTC, valued at approximately $8 billion, as part of its international operation, Operation Blackout, targeting scam centers and related networks. This was reported by Fox News.
Raids took place across Asia, Africa, and the Middle East, resulting in the arrest of nearly 300 individuals. Approximately 2,000 people were freed from centers where they were held and coerced into participating in fraudulent schemes.
Additionally, around $30 million was confiscated from entities linked to scam operations in Myanmar.
Major Case Linked 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. In October 2025, the U.S. Department of Justice filed its largest-ever forfeiture lawsuit, seeking approximately 127,271 BTC, and charged Chen Zhi, also known as Vincent.
Investigators allege that the businessman organized a network of scam centers in the country, where individuals were held against their will and forced to participate in crypto investment schemes. Authorities estimate the global damage in the billions of dollars.
At the time of the charges, Chen Zhi remained at large.
Pig Butchering Scheme
According to the Department of Justice, the centers operated under the pig butchering model—building trust over time through messaging apps and social media, ultimately luring victims into "profitable" crypto projects.
Once funds were transferred, the platform would disappear, and the money would be withdrawn.
U.S. authorities describe such schemes as one of the most destructive forms of crypto fraud. According to the FBI, reported losses surged 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 reported, citing case materials, that the 127,271 BTC were valued at over $14 billion based on the then-current exchange rate.
If the court approves the forfeiture, part of the funds will be allocated for compensation to victims.
Operation Blackout has become one of the largest international operations against crypto fraud and human trafficking. The investigation is ongoing.
It is worth noting that in 2025, the U.S. Treasury imposed sanctions on nine entities in Myanmar and ten in Cambodia for their involvement in organizing fraudulent schemes using cryptocurrencies.