Cambodia Deports Crypto Tycoon Chen Zhi to China Over $12B Fraud Scheme
Chen Zhi, a Chinese-born businessman and former Cambodian citizen, has been extradited to China following his arrest for allegedly masterminding one of Asia's largest crypto fraud operations. The scheme, valued at over $12 billion, involved 'pig butchering' scams and forced-labor cyber-fraud compounds targeting victims globally.
Cambodian authorities revoked Chen's citizenship in December 2025 before apprehending him and two accomplices after a months-long investigation. U.S. courts had previously charged Chen in October with conspiracy to commit wire fraud and money laundering, linking his Prince Holding Group to scam operations that defrauded international investors.
The case exposes the dark underbelly of crypto's rapid growth—where sophisticated criminal networks exploit digital assets' pseudonymous nature. Victims describe coercion into participating in fraudulent schemes, with Prince Group allegedly operating as a transnational crime syndicate.
