$15 Billion Bitcoin Seizure: How Billionaire Chen Zhi Built a Global Crypto Scam and Lost It All

Cambodia extradites billionaire Chen Zhi to China over a global crypto scam tied to forced labour and a record $15B bitcoin seizure.

Cambodian authorities recently extradited billionaire Chen Zhi to China to face charges for a massive crypto scam.

This move follows his arrest on January 6 alongside two close business associates. The 37-year-old head of Prince Group stands accused of running an international fraud network.

His operation also reportedly used forced labour to steal billions from victims around the world.

The Fallout from the Crypto Scam

The crypto scam led by Chen Zhi reached across several continents. US prosecutors describe the case as one of the largest financial crimes in history.

Investigations show that Chen Zhi managed a dark network of “scam factories” in Cambodia.

In these guarded compounds, trafficked workers were forced to carry out scam operations. They reportedly worked under threat of violence for 12 to 18 hours every day.

BILLIONAIRE SCAM EMPIRE FOUNDER CHEN ZHI TRANSFERRED TO CHINA

Chen Zhi, the ‘pig butchering’ scammer who ran ‘Prince Group’, has been transported to China. Prince Group was a $40 Billion scam empire that has been under Chinese criminal investigation since 2020.

Previously, we… https://t.co/t1w7HZKRHF pic.twitter.com/dZnJjnRJDv

— Arkham (@arkham) January 8, 2026

These workers contacted people through social media or dating apps to build trust. Once they gained a victim’s confidence, they pushed them to invest in fake platforms.

After this, the funds stolen were then laundered through the “Prince Group” umbrella.

Billions Seized in Massive Bitcoin Takedown

In October, the US Department of Justice moved to seize about $15 billion in Bitcoin. This is the largest forfeiture action in the history of the department.

The FBI also targeted real estate and other luxury assets tied to the billionaire.

UK and South Korean governments also joined the fight and imposed sanctions on the Prince Group and its leadership in a bid to freeze the massive wealth built on human suffering.

Chen Zhi allegedly used the stolen money for private jets, yachts, and high-end collectables.

Breaking Down the Scam Compound Network

The scam also relied on at least 10 major compounds across Cambodia. These buildings featured high walls and barbed wire to keep workers inside.

According to prosecutors, migrants from across Asia were often lured there with promises of high-paying jobs. Instead, they found themselves in violent forced labour camps.

Chen Zhi reportedly kept detailed records of these operations and his ledgers tracked profits and specific rooms where different frauds took place.

He even possessed images of the violent methods used to keep workers in line.

Related Reading: $12B Crypto Kingpin Arrested in Cambodia Crackdown

Revoking Citizenship to Allow Extradition

For years, Chen Zhi held dual nationality and enjoyed protection from the Cambodian royalty.

He renounced his Chinese citizenship in 2014 to become a Cambodian citizen and his influence in Phnom Penh grew through Prince Group’s many businesses.

These included real estate, banking and consumer services.

However, the legal space changed late last year, when a royal decree officially revoked his Cambodian citizenship. This decision cleared the way for his arrest and transfer to China.