Key Allegations and Seizures
Chen Zhi, the Chinese-born Cambodian businessman and chairman of Prince Holding Group, is at the center of one of the largest crypto scams in history. Known for operating high-end real estate and financial ventures in Cambodia, Chen Zhi is now accused by U.S. and U.K. authorities of running a massive “pig-butchering” operation — a type of online scam that builds trust with victims before draining their crypto wallets.
The U.S. government seized over 120,000 BTC, worth more than $15 billion, from entities connected to Chen’s alleged network. These operations reportedly lured victims globally through romance and investment scams, convincing them to deposit funds into fraudulent crypto platforms.
Sanctions and Inaction
Both the United States and the United Kingdom have sanctioned Chen Zhi and his affiliates for their roles in these elaborate scams. Despite these severe accusations, Cambodia has yet to respond or take any visible action against him.
Analysts believe this is due to Chen’s deep political influence in Cambodia, where he has long maintained close ties with key government figures. His vast investments in infrastructure and economic projects have seemingly bought him protection at the highest levels.
Implications for Crypto Investors
This case highlights the dangers of unregulated crypto platforms and the global scale of crypto-related fraud. It also raises serious questions about cross-border law enforcement and how political influence can interfere with justice.
While the seizure of billions in Bitcoin is a win for authorities, the lack of cooperation from countries like Cambodia shows the difficulty in fully dismantling such networks. As crypto adoption grows, so too does the need for international regulation and transparency.