👤 Who Is Chen Zhi?
Chen Zhi (also called Vincent Chen) is a Chinese-born businessman, founder and chairman of the Prince Holding Group — a conglomerate based in Cambodia that operated real estate, gambling, financial services and other enterprises across Asia. For years he cultivated influence in Cambodia, holding the elite title oknha and close ties to political figures.
🚨 Arrest in Cambodia & Extradition to China
Cambodian authorities arrested Chen Zhi on January 6, 2026 after a lengthy investigation into alleged online fraud and cybercrime operations associated with his empire.
His Cambodian citizenship was revoked, and he was deported (extradited) to China to face legal proceedings there.
Two other Chinese nationals linked to Prince Group were also arrested and repatriated with him.
Cambodia’s government framed the arrest as part of a crackdown on cross-border online scam networks, working with partners including China and the U.S.
💰 Massive Bitcoin Seizure & US Charges
In October 2025 the U.S. Department of Justice unsealed an indictment charging Chen with wire fraud, money laundering, and operating forced-labor “pig butchering” crypto scam compounds — deceptive schemes that built victims’ trust and then drained funds into fake investment platforms.
As part of its enforcement action, U.S. authorities seized 127,271 Bitcoin (BTC) tied to Chen’s alleged criminal proceeds — at the time valued at more than $14 billion–$15 billion — making it one of the largest cryptocurrency seizures in history.
The U.S. Treasury and UK’s foreign ministry also sanctioned Chen and Prince Group as a transnational criminal organization.
🕵️ Nature of the Alleged Scams
According to U.S. prosecutors:
Prince Group allegedly built forced-labor compounds in Cambodia where trafficked workers were compelled to run scam operations targeting victims worldwide through social media and messaging apps.
These operations defrauded victims — some losing hundreds of thousands of dollars in crypto — and brought in vast sums that were laundered through shell companies, luxury purchases, and crypto wallets under Chen’s control.
🧩 Domestic & International Reactions
Cambodia’s leadership has defended the arrest as a sign of commitment to tackling cybercrime, though some advocates have criticized the lack of transparent legal proceedings before the extradition.
Prince Group has denied the allegations, calling them baseless and politically motivated.
Cambodia’s financial sector has been affected: the country’s central bank ordered liquidation of Prince Bank, a subsidiary linked to Chen’s group, and suspended sales of several Prince Group real estate developments.
📊 What Happens Next?
Chen Zhi faces up to 40 years in prison under U.S. law if convicted on the fraud and money-laundering charges.
Legal proceedings in China are expected to move forward, potentially in parallel with U.S. efforts to assert jurisdiction over the offenses and seized assets.
The fate and restitution for victims of the scam — including whether seized Bitcoin will be used to compensate them — may become part of long-running legal disputes across jurisdictions.
🧠 Bottom Line
Chen Zhi’s arrest, extradition to China, and the unprecedented Bitcoin seizure highlight one of the largest global enforcement actions against online crypto-related fraud. It reflects deep international cooperation — and complex questions about jurisdiction, asset recovery, and cross-border crime in the digital asset age.
