Britain has frozen a London penthouse worth £9 million ($12 million) linked to Thet Li, identified as the finance chief of the Prince Group. The action is part of coordinated international enforcement against the organization, which US authorities have moved to seize approximately 127,271 Bitcoin from, valued at roughly $15 billion.
Who is Thet Li
Thet Li, also known as Li Tian, is described as managing the flow of funds through the Prince Group. He holds Chinese, Cambodian, and Vanuatu citizenship. The US sanctioned him in October 2025 alongside Prince Group founder Chen Zhi, the same action in which prosecutors labeled the Prince Group a transnational criminal organization.
UK and International Asset Freezes
The £9 million penthouse freeze occurred in March 2026 under the UK's sanctions against the Prince Group. Under the freeze, Li cannot sell, rent, or profit from the property. On October 12, 2026, UK authorities also froze a London mansion valued at approximately 170 million yuan (around $24 million) and luxury watches linked to Li.
Hong Kong joined the enforcement action in May 2026, with a court imposing restrictions on roughly HK$8.9 billion in assets connected to Chen and Li.
The Alleged Schemes
The Prince Group is accused of running large cyber fraud schemes from Cambodia, allegedly relying on forced labor to target victims worldwide. The tactics include so-called "pig butchering" scams, in which fraudsters spend weeks or months building trust with victims through fake relationships or investment conversations before directing them to fraudulent cryptocurrency platforms and draining their savings. Romance scams are also part of the alleged operations.
Bitcoin Seizure and Traceability
The US Department of Justice moved to seize the approximately 127,271 Bitcoin, described as the largest Bitcoin forfeiture in US history. Prosecutors allege the holdings represent proceeds from the group's scam operations. The seizure underscores that Bitcoin, despite common perceptions, is traceable through its public ledger, allowing investigators to track funds over years.
Decisions regarding the seized Bitcoin—whether retained, returned to victims, or handled otherwise—are expected to draw significant market attention given the size of the holding. Asset freezes in multiple jurisdictions could play a role in potential victim compensation efforts.
