Techme101.com

The UK and the US governments have joined forces to take down a Southeast Asian crypto scam network, indicting the founder of Prince Holding Group.
An international network that runs illegal crypto scam centres using trafficked workers has been sanctioned by the UK and US governments in the largest ever forfeiture action. This has also led to the indictment of UK and Cambodian national Chen Zhi, the founder and chairman of the Cambodian business Prince Holding Group, under charges of wire fraud conspiracy and money laundering conspiracy. He is currently still at large.
Trafficked people were allegedly held against their will and forced to engage in a cryptocurrency investment fraud scheme, known as ‘pig butchering’ scams, as well as in illegal online gambling operations linked to the same criminal network.
It’s thought that billions of dollars have been stolen from victims around the world. American authorities have seized around 127,271 Bitcoin, currently worth approximately $15 billion, believed to be connected to the intertwined scam and gambling enterprises.

Chairman of Prince Group Indicted for Operating Cambodian Forced Labor Scam Compounds Engaged in Cryptocurrency Fraud Schemes https://t.co/y2c7tiShgH @NewYorkFBI pic.twitter.com/8Nde99bQpu
— FBI (@FBI) October 14, 2025

“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.”
An international move against the illegal gambling and crypto scam network
In the UK, authorities have seized and frozen Chen’s UK-based assets, including a £12 million mansion on Avenue Road in North London, a £100 million office building on Fenchurch Street in the City of London, and seventeen flats on New Oxford Street and in Nine Elms in South London.
“The masterminds behind these horrific scam centres are ruining the lives of vulnerable people and buying up London homes to store their money,” said UK Foreign Secretary Yvette Cooper. “Together with our US allies, we are taking decisive action to combat the growing transnational threat posed by this network – upholding human rights, protecting British nationals and keeping dirty money off our streets.”
If convicted, Chen could face the maximum penalty of 40 years in prison. Scams are becoming increasingly smart in recent years, especially with the rise of AI.
Featured image: Prince Holding Group
The post UK and US team up to dismantle $15B international crypto scam and illegal gambling network appeared first on ReadWrite.

As the competition heats up in the race to secure one of up to three New York casino licenses, MGM Resorts has unexpectedly pulled out of the running. The MGM Yonkers arm officially withdrew its commercial casino license application to the New York Gaming Commission and the Gaming Facility Location Board.
“Today, MGM Resorts made the difficult decision to withdraw its application for a commercial casino license in Yonkers, New York,” reads the statement from MGM Resorts. “Since submitting our application in June, the competitive and economic assumptions underpinning our application have shifted, altering our return expectations on the proposed $2.3 billion investment.

MGM dropping its Yonkers casino license application after years of planning and generating community support – and two months from the licensing decision – is one of the most shocking moves (in terms of unlikelihood) in the past decade of gaming industry developments
— Ryan Butler (@ButlerBets) October 14, 2025

“The newly defined competitive landscape – with four proposals clustered in a small geographic area – challenges the returns we initially anticipated from this project.
“Also, our proposal to renovate and expand Empire City Casino was predicated on the receipt of a 30-year commercial casino license but based on newly issued guidance from the State of New York we now expect to qualify for only a 15-year license. Taken together, these events result in a proposition that no longer aligns with our commitment to capital stewardship, nor to that of our real estate partner in Yonkers, VICI.”
The company went on to underline its continued presence in New York via the Empire City Casino, purchased back in 2019.
“We know our decision will impact many individuals; we remain committed to operating the property in its current format and believe it will continue to enjoy success serving customers in Yonkers and the surrounding communities,’ MGM Resorts wrote.
What’s next for the New York casino bid battle?
As it stands after MGM’s withdrawal, three bids remain for up to three slots: Citi Field in Queens, Genting Group’s Resorts World New York City, and Bally’s Bronx casino. Just because there are up to three licenses available, doesn’t mean they will all be approved.
The necessary licensing steps still need to take place, as well as paying a minimum of $500 million for the license itself.
Featured image: MGM Resorts
The post MGM Yonkers pulls out of New York casino bid race appeared first on ReadWrite.