US seizes Prince Group assets worth $15bn, shaking Cambodia, Thailand, ASEAN, and APEC

Independent scholar Kritsada Boonrueng commented on the US Department of Justice’s (DOJ) announcement regarding the seizure of Bitcoin worth $15 billion (approximately 490.5 billion baht) from a transnational cyber fraud network operating under the “Pig Butchering” scheme. The operation, involving forced labour in Cambodia, is led by Chen “Vincent” Zhi, a 38-year-old Cambodian-British entrepreneur and founder and chairman of the Prince Holding Group.

Reports indicate that the Prince Group is directly linked to Sar Sokha, Deputy Prime Minister and Minister of the Interior of Cambodia, as well as a network of suspicious businesses including casinos, illegal online gambling, and investments exceeding 32 billion baht.

Kritsada highlighted several unique aspects of the Prince Group asset seizure and related criminal cases:

• This is the largest asset seizure in history by the US Treasury.
• Victims are citizens of multiple countries, numbering in the thousands.
• It represents a new form of transnational crime utilising advanced cyber technology.
• There is official evidence linking the case to national leaders, including advisors to former Prime Minister Hun Sen and current Prime Minister Hun Manet, which the Cambodian authorities cannot deny.
• Senior Chinese government and Communist Party officials are alleged to be involved or complicit.
• The case aligns with the strategic competition between the United States and China, potentially discrediting China’s relationship with Cambodia.
• It poses a serious risk to regional security and stability.
• Thailand, undergoing a political transition, could be implicated through evidence connecting certain individuals or groups.
• The case may be used as a political issue in elections and could directly affect the formation of the next government in mid-2026.

Kritsada warned that the “Hun Sen network” is likely to be purged, with impacts across three key areas:

1. Thailand-Cambodia border disputes.
2. The upcoming ASEAN Summit.
3. The APEC meetings.

He added that this unprecedented seizure has far-reaching implications for regional geopolitics, cross-border security, and the stability of leadership networks in Cambodia, while also carrying potential political ramifications for Thailand.

Panitan Wattanayagorn, an expert in foreign affairs and security, commented on the recent meeting between South Korea’s Second Vice Foreign Minister Kim Ji-na and her delegation with Cambodian Prime Minister Hun Manet regarding crimes affecting South Korean citizens. He noted:

• South Korea applied pressure on Cambodia in successive steps, demonstrating a prime example of modern international political strategy.
• Due to limited time, the approach needed to be decisive to quickly signal Cambodia’s awareness of the issue.
• Several other countries affected by scammers, such as Singapore and Taiwan, are expected to adopt similar measures.
• Thailand should observe and learn from these approaches.

Risks for the Anutin Government:

• The government has limited time, with parliament expected to dissolve early next year, and internal cohesion is already a characteristic challenge in Thai politics.
• Thailand must therefore intensify its pressure on Cambodia.
• Public sentiment can shift rapidly, as seen with the initial support for the Foreign Minister’s statements at the UNGA, which has since waned.
• Thailand needs to act swiftly, temporarily holding existing agreements with Cambodia in abeyance; while there are around 43–44 MOUs, nearly 50 agreements exist in total.
• Thailand should review all current agreements with Cambodia, decide which to suspend, and negotiate in parallel to create new cooperative agreements, such as establishing demilitarised zones.

High-risk “Trump” peace agreements:

• These are likely political documents rather than binding legal treaties.
• They may propose that a US observation team be included within the existing observer mechanisms of the two countries or ASEAN.
• Caution is required to prevent direct interference.
• Thailand must recognise that ASEAN has never been fully neutral but should seek leverage points, such as factors involving Anwar Ibrahim, and use them immediately.