FBI Says Operation Blackout Hit $15BN—but Which Scam Crackdown Produced the Money?

The FBI says its global Operation Blackout has seized more than $15 billion in assets and cryptocurrency while dismantling scam compounds across several countries.

But the eye-catching figure did not come from one giant raid or a single pile of cash. Most of it came from one extraordinary cryptocurrency forfeiture linked to a Cambodian network that US prosecutors allege was involved in large-scale fraud.

FBI Director Kash Patel said in a recent post that the operation had seized more than $15 billion, shut down more than 500 fake investment sites, arrested hundreds of people and freed thousands of trafficked workers. He also said more than 10,000 Americans were warned before they lost money, with more than $500 million saved.

The biggest question behind the headline is therefore where the $15 billion came from. The answer is Operation Zephyr Exodus, the FBI-led investigation into Cambodia-based Prince Holding Group and its chairman, Chen Zhi.

In October 2025, the US Justice Department filed a civil forfeiture action against approximately 127,271 Bitcoin, then valued at about $15 billion, alleging the cryptocurrency represented proceeds and instrumentalities of fraud and money laundering. The Bitcoin is currently in US government custody while the forfeiture case proceeds.

Zephyr Exodus Accounts for Almost All of the $15BN

Operation Zephyr Exodus targeted the Prince Group, which US prosecutors allege operated forced-labour compounds in Cambodia where workers were made to carry out cryptocurrency investment scams, commonly known as 'pig-butchering' schemes.

The allegations were made in an indictment against Chen, who was charged with wire fraud conspiracy and money laundering conspiracy and remains at large.

The alleged fraud relied on building relationships with victims before directing them towards fake investment platforms. Prosecutors said the network used cryptocurrency and other financial channels to move and conceal the proceeds.

The Justice Department's forfeiture complaint involved approximately 127,271 Bitcoin that prosecutors allege were controlled by the defendant. At the time of the announcement, the coins were worth roughly $15 billion, making the action the largest forfeiture case in the department's history.

The charges are allegations, and Chen is presumed innocent unless and until proven guilty. The Justice Department has alleged that the Prince Group operation targeted victims in the US and elsewhere and that the cryptocurrency was connected to the alleged fraud and money laundering schemes.

Sand Dollar Was a Separate $300M Hit

Another major Blackout operation was Operation Sand Dollar, conducted with Dubai Police and China's Ministry of Public Security.

According to Patel's account, the operation dismantled nine scam compounds, resulted in more than 300 arrests, seized about $300 million and led to the seizure of thousands of electronic devices. Thousands of trafficked workers were also freed.

Sand Dollar was therefore substantial, but its reported financial seizure was tiny compared with the cryptocurrency haul associated with Zephyr Exodus.

The distinction matters because describing the entire $15 billion as money generated by one broad scam-centre raid could give readers the wrong impression, as Blackout is an umbrella campaign covering several investigations and enforcement actions.

Blackout Targeted the Scam Industry, Not Just One Compound

Other FBI operations included Operation Compound Fracture, which involved seizing domains and malicious applications linked to scam activity, and a Shunda Compound Takedown carried out with Thai authorities. The FBI also used a preventive strategy through Operation Level Up.

The initiative identifies people caught in cryptocurrency investment scams and warns them before more money is transferred. The FBI says it has notified more than 8,000 victims and reduced losses by more than $500 million.

The broader campaign reflects the cross-border nature of online fraud. Scam networks increasingly use trafficked workers, cryptocurrency wallets, fake websites and social engineering to target victims worldwide.

The Justice Department says the seized Bitcoin is in government custody while the forfeiture case proceeds. Any return of funds will depend on the legal process and claims established in the case.

The FBI's more than $15 billion figure reflects assets seized or placed under forfeiture proceedings. Almost all of that value comes from the approximately 127,271 Bitcoin involved in the Prince Group forfeiture action under Operation Zephyr Exodus.

The other Blackout operations added arrests, freed trafficked workers, dismantled compounds and made additional seizures, but did not individually produce anything close to the $15 billion cryptocurrency haul. The figure is principally tied to the Prince Group Bitcoin forfeiture action, rather than $15 billion in cash recovered from scam compounds.