In Depth: The Downfall of the Cyber Kingpin Behind the $15 Billion Bitcoin Seizure
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Chen Zhi
Cambodia has arrested and extradited to China Chen Zhi, a well-connected tycoon whom U.S. prosecutors have accused of orchestrating a sprawling cybercrime and money-laundering network from the Southeast Asian nation.
The Cambodian Interior Ministry announced Wednesday that Chen and two other Chinese nationals, Xu Jiliang and Shao Jihui, were apprehended at Beijing's request following months of joint investigations into transnational crime. A royal decree issued in December also revoked Chen’s Cambodian citizenship.
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- Cambodian authorities arrested and extradited tycoon Chen Zhi and two associates to China after joint investigations into a vast cybercrime and money-laundering network, also linked to U.S. indictments and sanctions.
- Chen, former head of the Prince Group, is accused of orchestrating telecom scams and forced labor, leading to the seizure of over 127,000 bitcoins (nearly $15 billion) and global asset freezes.
- Despite a public image of philanthropy and business success, Chen's network exploited weak regional oversight to build a global criminal enterprise.
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Who’s Who
- Prince Group
- Prince Group is an expansive Cambodian conglomerate founded by Chen Zhi, with holdings in real estate, banking, and aviation. While publicly presenting as a legitimate business, US prosecutors allege it served as a front for a sprawling criminal enterprise involved in telecom scams, forced labor, and money laundering. The group engaged in significant philanthropy in Cambodia but faced international sanctions and asset freezes.
- Jin Bei Group
- The Jin Bei Group is an affiliate of Chen Zhi's Prince Group. This group operated multiple compounds, including Jinbei 1-6, Jinyun, and Mango parks. These compounds were reportedly used for scam operations. Cambodia's gaming body revoked four licenses held by Jin Bei, leading to the shutdown of main casinos, though some scam compounds reportedly continued operating.
- Prince Bank
- Prince Bank is a commercial bank that is part of the Prince Group conglomerate, founded by Chen Zhi. It obtained a commercial banking license in 2018, which allowed it to offer a full range of financial services, including taking public deposits. The license required a minimum capital of $75 million. The bank faced a run on deposits after international sanctions were imposed on Chen Zhi, leading to branch closures.
- Prince Real Estate
- Prince Real Estate is mentioned as the rebranded name of Prince Group, appearing as "Kingsmen Real Estate Group" on a Nasdaq billboard in New York. This rebranding occurred as international law enforcement tightened its grip on Chen's operations. The article doesn't provide further details on Prince Real Estate itself beyond its association with Chen's larger conglomerate.
- Kingsmen Real Estate Group
- Kingsmen Real Estate Group is the new brand identity of Prince Real Estate, a component of Chen Zhi's Prince Group conglomerate. This rebranding effort was part of Chen's attempts to distance himself from his illicit activities, even appearing on a Nasdaq billboard in New York. The group was involved in real estate projects in Phnom Penh and Sihanoukville.
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What Happened When
- 2011：
- Many members of the Knight Attack Group were arrested in a police operation in Chongqing; that same year, Chen Zhi publicly entered Cambodian real estate.
- As early as 2020：
- Chinese law enforcement formed a dedicated task force to track Chen Zhi.
- Between 2016 and 2018：
- Prince Group launched major real estate projects in Phnom Penh and Sihanoukville.
- 2018：
- Prince Group secured a commercial banking license in Cambodia.
- 2019：
- Cambodia banned online gambling; Chen allegedly pivoted operations to telecom and crypto fraud. Chen also began globalizing his business and assets in response to pressure.
- 2019：
- A joint operation between China and Cambodia arrested hundreds of suspects.
- 2020：
- Prince Group, under Chen, donated $3 million for Covid vaccines in one day; these donations coincided with securing multiple commercial gambling licenses.
- 2020：
- Chen acquired a controlling stake in Habanos S.A. via offshore entities.
- May 2021 to August 2022：
- U.S. prosecutors said Chen’s syndicate defrauded at least 250 American victims out of $1.8 million.
- 2022：
- U.S. State Department downgraded Cambodia to the lowest human trafficking tier. Chen was last seen publicly in Cuba.
- March 2025：
- Chen reportedly flew out of London after a raid on Prince Group's Isle of Man office.
- October 2025：
- A U.S. court unsealed an indictment charging Chen with telecom fraud and money laundering; U.S. Treasury imposed sanctions and DOJ sought forfeiture of 127,271 bitcoins. Asset freezes were triggered worldwide.
- December 2025：
- A royal decree revoked Chen’s Cambodian citizenship.
- By December 2025：
- Recruitment ads for scam compounds linked to Chen’s network were still being posted online.
- Early 2026：
- Chen received word of a pending crackdown; many associates fled Cambodia.
- 2026-01-08：
- Cambodia's Interior Ministry announced Chen Zhi's arrest and extradition to China.
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