FBI Director Kash Patel Reveals Massive Crypto Seizure Worth Over $15 Billion, Sparks Rumors Over U.S. Crypto Reserve

By Anthony • October 15, 2025 8:16 am • Comments

Everyone talks about President Trump as the “crypto president” but FBI Director is the first “crypto FBI Director”.

On Tuesday, FBI Director Kash Patel announced the FBI seized $15 billion worth of Bitcoin.

The seizure marks one of the largest financial fraud takedowns in the United States history.

Trending: DOJ Seizes $15 Billion Worth Of Bitcoin!

Take a look:

Per The DOJ:

An indictment was unsealed today in federal court in Brooklyn, New York, charging Cambodian national Chen Zhi, also known as Vincent, 37, the founder and chairman of Prince Holding Group (Prince Group), a multinational business conglomerate based in Cambodia, with wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s operation of forced-labor scam compounds across Cambodia. Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as “pig butchering” scams, that stole billions of dollars from victims in the United States and around the world. The defendant is at large.

The U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s National Security Division also filed today a civil forfeiture complaint against approximately 127,271 Bitcoin, currently worth approximately $15 billion, that are proceeds and instrumentalities of the defendant’s fraud and money laundering schemes, and were previously stored in unhosted cryptocurrency wallets whose private keys the defendant had in his possession. Those funds (the Defendant Cryptocurrency) are presently in the custody of the U.S. government. The complaint is the largest forfeiture action in the history of the Department of Justice.

“Today’s action represents one of the most significant strikes ever against the global scourge of human trafficking and cyber-enabled financial fraud,” said Attorney General Pamela Bondi and Deputy Attorney General Todd Blanche. “By dismantling a criminal empire built on forced labor and deception, we are sending a clear message that the United States will use every tool at its disposal to defend victims, recover stolen assets, and bring to justice those who exploit the vulnerable for profit. We are grateful for the hard work of Director Patel and the men and women of the FBI.”

“Today the FBI and partners executed one of the largest financial fraud takedowns in history,” said FBI Director Kash Patel. “This is an individual who allegedly operated a vast criminal network across multiple continents involving forced labor, money laundering, investment schemes, and stolen assets — targeting millions of innocent victims in the process. Justice will be done and I’m proud of the men and women of the FBI who executed the mission faithfully.”

“As alleged, the defendant was the mastermind behind a sprawling cyber-fraud empire operating under the Prince Group umbrella, a criminal enterprise built on human suffering. Trafficked workers were confined in prison-like compounds and forced to carry out online scams on an industrial scale, preying on thousands worldwide, including many here in the United States,” said Assistant Attorney General for National Security John A. Eisenberg. “This indictment and historic forfeiture, the largest in Department history, reflect our commitment to using every tool at our disposal to ensure such crimes do not pay.”

“As alleged, the defendant directed one of the largest investment fraud operations in history, fueling an illicit industry that is reaching epidemic proportions,” said U.S. Attorney Joseph Nocella Jr. for the Eastern District of New York. “Prince Group’s investment scams have caused billions of dollars in losses and untold misery to victims around the world, including here in New York, on the backs of individuals who have been trafficked and forced to work against their will. This historic indictment and forfeiture complaint send a strong message to fraudsters everywhere that we will pursue you no matter where you are, no matter who you are, and no matter your insidious methods, and we will never stop fighting for victims.”

As alleged in the indictment and forfeiture complaint, since approximately 2015, the defendant has been the founder and chairman of Prince Group, a Cambodian corporate conglomerate that operates dozens of business entities in more than 30 countries. Prince Group is ostensibly focused on real estate development, financial services, and consumer services. However, in secret, the defendant and his top executives grew Prince Group into one of Asia’s largest transnational criminal organizations. Under the defendant’s direction, Prince Group made enormous profits operating scam compounds across Cambodia that perpetrated fraudulent cryptocurrency investment schemes.

 

The seizure immediately sparked rumors that the FBI’s latest seizure would be used for the United States to begin its crypto reserve.

Take a look:

Treasury Secretary Scott Bessent has already revealed that all seized crypto would be used for the United States crypto reserve:

Yahoo Finance reported more on Patel’s Crypto background:

FBI Director Kash Patel, confirmed by the U.S. Senate on Thursday, has extensive financial exposure to Bitcoin.

According to financial disclosure forms seen by TheStreet Crypto, Patel has investments in Bitcoin exchange-traded funds (ETFs) and Bitcoin mining companies, as well as Trump-linked business ventures involved in cryptocurrency.

Patel holds between $50,001 and $100,000 in the Grayscale Bitcoin TR ETF, along with an investment in public Bitcoin mining company Core Scientific, which rebounded last year after a major bankruptcy and expanded into non-crypto fields like artificial intelligence. Patel’s stake in Core Scientific runs between $50,001 to $100,000, filing data shows.

“Patel’s Bitcoin holdings were not raised as a big concern during his confirmation hearing,” Kadan Stadelmann, CTO of Komodo Platform, told TheStreet Crypto.

Nevertheless, Stadelmann highlighted how Patel’s business dealings with crypto could be advantageous as the FBI pursues action against North Korean cyber criminals: “Patel’s experience with Bitcoin and crypto could give him insights into how best to investigate crypto-related crimes and threats, particularly arising from North Korean hackers who target crypto companies globally, and which the FBI plays a role in investigating and prosecuting alongside other agencies.”

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