Alleged Crypto Scam Kingpin Arrested in Cambodia After $12 Billion Bitcoin Seizure
Chen Zhi, Cambodian national and founder of Prince Holding Group, was arrested in Cambodia and extradited to China for running a global scam network that stole billions via crypto fraud schemes known as “pig butchering.” Zhi’s organization forced trafficked workers to run these scams from compounds, building relationships with victims before stealing their funds. The network stole over 127,000 Bitcoin, worth $11.6 billion, now held by the U.S. government in a historic civil forfeiture action. The Department of Justice indicted Zhi for wire fraud and money laundering, designated Prince Group as a transnational criminal organization, and sanctioned Zhi and associates. The group concealed proceeds through cryptocurrency and spent some on luxury items. Chainalysis data shows that criminal crypto balances worldwide exceed $75 billion, with illicit entities holding nearly $15 billion as of July, mostly from theft.
