Billionaire Behind $15 Billion Bitcoin Seizure Arrested and Deported to China

TLDR

• Chen Zhi, founder of Prince Group, was arrested in Cambodia on January 6, 2026 and deported to China following a joint investigation between the two countries.
• U.S. authorities accuse Chen of running forced-labor scam compounds across Cambodia that operated cryptocurrency fraud schemes known as “pig-butchering” scams.
• The U.S. Department of Justice filed its largest-ever forfeiture action in October, seeking to seize roughly $15 billion worth of bitcoin linked to the alleged scheme.
• Cambodia revoked Chen’s citizenship in December 2025 and suspended operations of Prince Bank, a subsidiary of Prince Group.
• Two other Chinese nationals, Xu Ji Liang and Shao Ji Hui, were also arrested and deported to China alongside Chen.

Chen Zhi, the 37-year-old founder and chairman of the Prince Group conglomerate, was arrested in Cambodia on January 6, 2026. Cambodian authorities confirmed that Chen was deported to China at Beijing’s request following a months-long joint investigation between the two countries.

The arrest involved two other Chinese nationals. Xu Ji Liang and Shao Ji Hui were also detained and extradited to China. Cambodia’s information ministry announced the arrests on Wednesday but did not specify where Chen was captured.

U.S. prosecutors have accused Chen of directing forced-labor scam operations throughout Cambodia. These compounds allegedly generated billions of dollars through cryptocurrency investment fraud and romance scams. The schemes are commonly referred to as “pig-butchering” scams.

In October 2025, the U.S. Department of Justice announced its largest-ever forfeiture action. The filing seeks to seize approximately $15 billion worth of bitcoin allegedly connected to Chen’s operations. The action also targets hundreds of millions of dollars in real estate and other assets.

China’s Investigation and Legal Actions

Chinese authorities have been investigating the Prince Group since at least 2020. The Beijing Municipal Public Security Bureau formed a task force to examine what they called “a major transnational online gambling syndicate based in Cambodia.” Multiple court cases in China have accused the company of running online fraud schemes.

Chen gave up his Chinese nationality in 2014 to become a Cambodian citizen. However, Cambodia revoked his citizenship by royal decree in December 2025. This revocation cleared the way for his deportation to China.

The U.K. government also sanctioned Chen’s global business empire in October 2025. Prince Group has previously denied involvement in scams. The company’s website states it operates in property development, financial services, and consumer services.

Cambodian authorities suspended operations of Prince Bank on Thursday. The bank, a subsidiary of Prince Group, has been placed under liquidation. While the bank cannot offer new services, customers can still withdraw money and repay existing loans.

Scam Operations in Southeast Asia

The United Nations estimates hundreds of thousands of people have been trafficked to Southeast Asia for forced scam work. Many victims were lured to Cambodia with promises of legitimate employment. Once there, they were forced to run online fraud schemes under threat of punishment or torture.

Many of those trapped in these operations are Chinese nationals. They often targeted victims in China. Journalist Jack Adamovic Davies, who investigated Chen, said the scale of operations makes this case stand out.

Scam businesses may account for approximately half of Cambodia’s entire economy according to some estimates. The Cambodian government maintained close ties with Chen for years. Officials have said little since U.S. and UK authorities imposed sanctions, except to urge them to ensure sufficient evidence exists.

U.S. authorities allege Chen turned Prince Group into one of Asia’s largest transnational criminal organizations. The company built a global presence across multiple countries. Chen faces fraud and money-laundering charges in the United States, though his whereabouts had been unclear since the October indictment until this week’s arrest.

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