Crypto Kingpin Chen Zhi Arrested: $15B Bitcoin Scam Exposed

Chen Zhi was arrested in Cambodia and deported to China, accused of running a global crypto scam network involving forced labor and billions in stolen assets. U.S. authorities seized $15 billion in Bitcoin linked to the operation.

Chen Zhi, founder of Prince Group, has been arrested in Cambodia and deported to China following a joint investigation by international authorities. He is accused of orchestrating a vast cryptocurrency scam network, known as "pig butchering," which involved forced labor compounds across Southeast Asia. These operations allegedly lured victims through fake job postings and online relationships, convincing them to invest in fraudulent crypto platforms. U.S. authorities seized approximately 127,000 Bitcoin, valued at around $15 billion, linked to these activities, marking the largest asset forfeiture in U.S. Department of Justice history. The Prince Group and associated entities have been designated as a transnational criminal organization by the U.S. and UK governments. Human rights groups report that the scam compounds trafficked thousands of workers, subjecting them to harsh conditions. The case has drawn international attention due to its scale, the involvement of multiple jurisdictions, and the combination of financial crime with human rights abuses. Authorities continue to investigate the full extent of the network and its global impact.