Taiwan Indicts 62 Over Laundering $339M From Crypto Scam Compounds in Cambodia
Taiwanese prosecutors have indicted 62 individuals and 13 companies linked to Prince Group, a transnational criminal network designated by the U.S. Department of Justice. Key figures include chairman Chen Zhi, who was arrested in Cambodia, extradited to China, and previously indicted in the U.S. for wire fraud and money laundering conspiracy connected to “pig butchering” cryptocurrency scams. Prosecutors allege Prince Group laundered around $339 million through Taiwan by exploiting online gambling, shell companies, and luxury purchases, with $174 million seized. The group’s activities are said to have seriously disrupted Taiwan’s financial order and international reputation. Southeast Asia is identified as a major center for scam compounds using coerced labor to perpetrate large-scale online frauds. In response to the broader scam epidemic, the U.S. has coordinated sanctions, criminal prosecutions, and asset seizures, including the largest Bitcoin seizure in DOJ history and the dismantling of operations implicated in over $10 billion in global fraud in 2024. Blockchain analysts estimate at least $27.5 billion in worldwide scam exposure related to these “pig butchering” schemes.
