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U.S. Senator Cynthia Lummis (R-WY) has hailed the federal seizure of over 127,000 bitcoin linked to the Prince Group as a landmark victory for both financial integrity and digital asset reform. The operation, which dismantled a forced-labor and cyber-fraud network in Cambodia, represents one of the largest crypto confiscations in U.S. history — with assets worth more than $14 billion.
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Senator Lummis praised law enforcement for their cross-border efforts and called the event a “turning point for responsible crypto governance.” She said the operation demonstrates the potential to convert seized digital assets into a strategic national reserve.
“This is a victory for human rights, financial integrity, and American leadership,” said Lummis.
The senator emphasized two priorities for Congress: enacting clear legislation to empower law enforcement while safeguarding innovation, and creating legal standards for how seized bitcoin is stored, managed, and returned to victims.
“Turning criminal proceeds into assets that strengthen America’s Strategic Bitcoin Reserve shows how sound policy can turn wrongdoing into lasting national value,” she added.
Her remarks highlight a growing movement in Washington to merge crypto oversight with national economic and security strategy.
Federal prosecutors have charged Chen Zhi, chairman of the Prince Group, with wire fraud and money laundering tied to a vast “pig-butchering” crypto scam. Authorities allege the network relied on forced labor and cyber fraud schemes that defrauded victims across multiple countries.
The U.S. Justice Department confirmed that the seized bitcoin came from wallets controlled by the group’s operatives. Analysts say the case showcases how digital assets can be both a tool for criminal abuse and a means to recover billions in value through international cooperation.
Supporters of Lummis’ stance believe the case reinforces the urgency for comprehensive digital asset regulation. They argue that structured oversight can curb exploitation, ensure transparency in crypto investigations, and solidify America’s role in shaping global financial standards.
The Prince Group was accused of running forced-labor compounds and orchestrating large-scale crypto fraud schemes across several countries.
The U.S. Department of Justice and international law enforcement agencies led the operation that resulted in the seizure of 127,000 bitcoin.
It underscores both the misuse of digital assets in fraud and the potential for seized crypto to strengthen the proposed U.S. Strategic Bitcoin Reserve.
She supports comprehensive digital asset market structure laws that balance enforcement authority with innovation protection.
At the time of seizure, the bitcoin was valued at more than $14 billion, making it one of the largest confiscations in crypto history.