Cambodia Arrests Tycoon Tied to DOJ’s File $15B Bitcoin Seizure, Extradites Him to China

[ad_1] Police reportedly detained Chen Zhi, the founder and chairman of Prince Group, earlier than deporting him to China for investigation by Chinese language authorities. In line with Bloomberg, Zhi left Cambodia below escort to face questioning over alleged monetary crimes and rip-off operations.

Sanctions, Bitcoin Seizure and Fraud Allegations

In October, the US Division of Justice unsealed an indictment that accused Chen Zhi of wire fraud and cash laundering in reference to a world cryptocurrency scheme constructed on compelled‑labour rip-off compounds in Cambodia.

US authorities stated they seized about 127,000 bitcoin, valued at roughly $15 billion on the time, in what they described because the largest forfeiture motion within the division’s historical past.

The identical operation prompted the US Treasury and the UK authorities to sanction Prince Group and related people and entities as a transnational felony group.

You may additionally like: Spain “Dismantled” €460 Million Crypto Fraud Ring, Arrested 5

Officers alleged that networks below Chen’s management used shell corporations, unhosted wallets and a tangle of company constructions to launder proceeds from “pig butchering” funding scams, on-line fraud and different crimes.

Alleged Rip-off Compounds and Pressured Labour

Investigators and rights teams accuse Zhi and Prince Group of operating or backing massive rip-off compounds in Cambodia that relied on trafficked employees. These amenities allegedly detained individuals below coercive situations and compelled them to function cellphone and on-line fraud schemes that focused victims all over the world.

What’s most attention-grabbing is pockets addresses listed within the US authorities $14B (127K BTC) seizure beforehand have been named in a Milky Unhappy report ~2 years in the past for having susceptible personal keys and now the USG says they've custody of them. pic.twitter.com/icLWKU33kC

— ZachXBT (@zachxbt) October 14, 2025 Court docket filings and analytical experiences describe “cellphone farms” and industrial‑scale cyberfraud operations that blended crypto buying and selling pitches, pretend investments and romance scams. Analysts say the community grew into certainly one of Asia’s most important felony enterprises, with operations and monetary hyperlinks stretching into Southeast Asia, Europe and past.

Taiwanese media LTN stated Prince Group helped present greater than half of a US$260 million grant to Cambodia in 2018, elevating questions about how enterprise, politics and safety pursuits intersected across the conglomerate.

Suspected Hyperlinks to Chinese language Intelligence and International Attain

Native media accounts additionally observe that Chen reportedly purchased properties in a number of jurisdictions, together with items in London situated close to the US embassy, and used an online of corporations to develop his footprint. Monetary watchdogs in Singapore, Thailand and different markets have reportedly moved to scrutinize or freeze belongings linked to companies related to the group.

Chen’s elimination from Cambodia to China indicators a shift in how authorities deal with alleged rip-off bosses who as soon as operated from loosely regulated hubs. For years, critics argued that regulation‑enforcement businesses moved too slowly even because the suspected community grew and victims multiplied throughout continents.

The investigation in China now provides one other layer to ongoing authorized actions within the US, UK and different jurisdictions over Bitcoin forfeiture, property seizures and sanctions enforcement.