How the seizure of $15 billion worth of Bitcoin led to the arrest of Chen Zhi in Cambodia

Source: Yellow Original Title: How the Seizure of $15 Billion in Bitcoin Led to the Arrest of Chen Zhi in Cambodia

Original Link: https://yellow.com/es/news/cómo-la-incautación-de-bitcoin-por-15000-millones-de-dólares-llevó-al-arresto-de-chen-zhi-en-camboya Chen Zhi, founder of Prince Group and alleged mastermind behind billions in cryptocurrency fraud, was arrested in Cambodia and deported to China.

The 38-year-old Chinese-Cambodian businessman faces an investigation by Chinese authorities following the October seizure of $15 billion in Bitcoin by U.S. officials.

It was reported that the arrest took place on January 7, ending weeks of speculation about Chen’s whereabouts since the closure of Prince Group in October.

What happened

In October, the U.S. Department of Justice filed its largest cryptocurrency seizure to date, confiscating approximately 127,271 Bitcoin (BTC) valued at $15 billion.

Chen was accused of operating complex forced labor scams across Cambodia that carried out cryptocurrency investment frauds known as “pig butchering,” targeting victims worldwide.

The indictment states that Chen’s operations generated $30 million daily through fraudulent schemes in which trafficked individuals were forced to carry out romantic and investment scams.

Following sanctions from the United States and the United Kingdom, authorities in Hong Kong, Singapore, South Korea, Taiwan, and Thailand froze assets totaling at least $700 million, suspected to belong to Chen or Prince Group.

In the UK, properties worth $172 million were seized, including real estate near the U.S. embassy in London.

Why it matters

The case represents one of the largest police actions related to cryptocurrencies worldwide and highlights the links between human trafficking with forced labor and crypto fraud.

Radio Free Asia was the first to expose Prince Group’s criminal activities in February 2024, raising questions about why financial authorities took years to act against what became Asia’s largest criminal enterprise.

Taiwan’s National Security Office claimed connections between Prince Group and Chinese “United Front” activities, suggesting possible state backing for the operations.

Reports indicate that Chen built a $60 billion conglomerate over the past decade through online fraud and forced labor schemes operating from scam complexes in Cambodia.