The United States government has seized over $14 billion in Bitcoin connected to a massive pig butchering scam across Asia. Chen Zhi allegedly ran a regional scam network tied to the seized funds.
This case reveals the depth of the Pig Butchering Scam industry and the extent to which authorities will go to shut it down.
The $14 Billion Bitcoin Seizure
On Thursday, the U.S. government filed for the forfeiture of 127,271 BTC, worth about $14.2 billion. These coins are now under US control. The filing links them to Chen Zhi and his alleged network of human trafficking and crypto scams. These scams, known as “pig butchering,” involve cruel online romance and investment fraud.
BREAKING: US Government Seized $14B BTC Tied to LuBian and Chen Zhi’s Pig Butchering Operation
The US Government has submitted today a filing for the forfeiture of 127,271 $BTC ($14.2 BILLION) connected to Chen Zhi, chairman of Prince Group, who allegedly ran large-scale… pic.twitter.com/GjyE7CWz2e
— Arkham (@arkham) October 14, 2025
The filing also links the Bitcoin to LuBian, one of China’s biggest mining pools. Back in 2020, LuBian stopped mining even though it once controlled about 6% of Bitcoin’s total hash rate. No one knew why until now.
LuBian’s Collapse
Hackers breached LuBian in December 2020, stealing about $3.5 billion in BTC, which is now worth over $14 billion. New filings reveal Chen Zhi funded and operated LuBian using profits from his Pig Butchering Scam empire.
BREAKING: ARKHAM UNCOVERS $3.5B HEIST – THE LARGEST EVER
LuBian was a Chinese mining pool with facilities in China & Iran. Based on analysis of on-chain data, it appears that 127,426 BTC was stolen from LuBian in December 2020, worth $3.5 billion at the time and now worth… pic.twitter.com/PnIOKgMt0i
— Arkham (@arkham) August 2, 2025
The US government currently holds control over the Bitcoin addresses depleted during the hack. However, the Department of Justice (DOJ) didn’t explain how the US obtained the coins. No one knows whether someone surrendered the private keys or if hackers stole them.
Suspicious Disappearance
The court documents also revealed an incident involving a finance worker who fled with money and attempted to conceal himself. This may explain why someone moved the Bitcoins again in mid-2024.
DOJ seizes $15B in bitcoin from massive ‘pig butchering’ scam who ‘forced labor’ as bosses bought lux watches, real estate https://t.co/K18KbHiVtB pic.twitter.com/O7o2WoyBl6
— New York Post (@nypost) October 14, 2025
Conclusion
The case highlights the size of the Pig Butchering Scam, which combines crypto mining and fraud into a single dark web operation. With over $14 billion in Bitcoin now under U.S. control, the theft is the largest crypto seizure ever. It also sends a clear message that no digital crime stays hidden forever.
Disclaimer
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