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Federal authorities in the US took custody of the Bitcoin trove in October 2025 as part of an investigation into alleged scam operations linked to Chen and his Prince Holding Group. Prosecutors tied the funds to alleged "pig-butchering" scams and other illicit activities connected to Chen and his Prince Holding Group operations, including romance and investment fraud carried out against victims worldwide. However, Chen’s legal representatives argued that the US government did not clearly show that the seized Bitcoin came from fraud or money laundering and questioned the timeline presented by authorities. Lawmakers also said many accusations against Chen are 'provably and obviously false.' The confiscated Bitcoin trove was estimated to be worth about $14 billion when it was first targeted for seizure. Following recent price volatility in Bitcoin, the 127,271 Bitcoin is currently valued at approximately $8.8 billion. The leading crypto asset is currently trading at about $69,500, marking a roughly 2% decline over the last 24 hours, on-chain data shows. After the US indictment last October, Chen faced sanctions from the US and UK and heightened scrutiny across Asia. Cambodia arrested him in January 2026, revoked his citizenship, and extradited him to China.
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