Prince Group indicted: hope for victims of crypto fraud?

By Anje Roosjen | October 24, 2025

On October 14, 2025, the chairman of the Prince Holding Group from Cambodia was indicted by U.S. authorities. He is suspected of involvement in large-scale online investment fraud involving cryptocurrencies. In the lead-up to this case, a staggering 127,217 BTC was seized, marking the largest crypto seizure in history, with an estimated value of $15 billion. Read the full article for more details on this historic case.

A epic amount. Wouldn’t it be great if part of it were returned to the victims of these scams?

This article describes the options available to Dutch victims of crypto investment scams to seek financial compensation.

Filing a police report: the first step
Victims of crypto fraud typically begin by filing a report with their local police. In most cases, this type of fraud is labeled boilerroom fraude (more info in Dutch). In the Prince Group case, police reports were likely filed worldwide, with losses ranging from a few thousand to several millions of dollars. Even for smaller amounts, reporting is worthwhile, it helps law enforcement build a clearer picture of the scale and methods of these criminal networks.

Criminal prosecution: opportunities and limitations
After a report is filed, the police initiates a criminal investigation. However, cross-border crime is often complex. Investigations may be halted due to limited resources, low chances of success, or prioritization of other cases (such as High Impact Crime cases). Even when a suspect is identified, they often turn out to be a money mule, while the real perpetrator remains out of sight.

In the Prince Group case, international cooperation was key. It enabled authorities to identify the suspected leader behind the organized fraud and freeze assets pending trial.

During the reporting process, victims are also asked whether they wish to request financial compensation as part of the criminal case. This allows the criminal court to also rule on potential compensation. However, if the suspect resides in a far off country, the case often doesn’t reach court, and no compensation ruling can be made.

Civil law: an alternative path to compensation
In the Netherlands, victims can also start a civil law case, supported by a lawyer. This approach focuses not on indictment, but on recovering financial losses.

Through civil proceedings, victims can:

- Force third parties to provide information (such as crypto exchanges)

- Hold third parties liable, for example, for failing to comply with anti-money laundering (AML) regulations

Crypto exchanges play a crucial role in facilitating criminal money flows. A court order can force them to disclose transaction data and user information. If user funds are still present, they can be frozen pending further legal action. This data may also lead to follow-up investigations, for instance if the crypto has been converted or transferred on to other accounts.

In addition to extracting information, victims may hold third parties accountable. Crypto exchanges are legally required in most countries to comply with AML regulations. If they fail to detect or block suspicious transactions, they may be considered negligent. If an exchange is found to have breached its care duty, it can be held liable for the resulting damages.

Victims fight back: a catalyst for change
DataExpert supports victims in their pursuit of justice by conducting specialized crypto tracing investigations. With the use of detailed reports and visualizations of money flows, we identify which exchanges received the victims’ funds. These reports, combined with the police report, form the foundation for legal action.

Investigation outcomes vary depending on the data released under court order. But there have been successes (Scroll to ‘Judicial overview 2023-2024’). It’s important to recognize that this field is relatively new -not just for victims, but also for the police and judges.

A small but determined group of victims chooses to fight back. Despite their financial losses and the psychological impact of manipulation, they refuse to give up hope. Their courage and perseverance contribute to the development of legal precedents, paving the way for future victims to receive better support. I deeply admire their resilience.

Turning point?
Will the Prince Group case mark a turning point in the financial compensation for victims? It’s hard to say. So far, criminal law has focused more on prosecuting perpetrators than on compensating the victims. Yet this historic seizure of 127,217 BTC presents an opportunity. The huge amount stands for the sheer scale of this type of fraud but also underscores the urgency of taking victim compensation seriously.

Do you want to learn more about crypto tracing investigations? Feel free to contact us at: crypto@dataexpert.nl

About the author: Anje Roosjen is working as a financial crime investigator and blockchain intelligence specialist since 2023 at DataExpert BV.