On October 2025, Cambodia extradited Prince Group chairman Chen Zhi to China, accused of orchestrating a multi-billion-dollar crypto scam from Cambodia.
This significant crackdown highlights growing international cooperation against cybercrime, affecting global market trust and regulatory endeavors in the cryptocurrency space.
Chen Zhi Extradited in Multi-Billion Crypto Scam
Cambodia has extradited Chen Zhi, chairman of the Prince Group, to China at Beijing’s request. Chen is accused of orchestrating a multi-billion-dollar crypto scam. The U.S. Treasury stated the operation led to the seizure of $14 billion in bitcoin.
Chen, alongside Xu Ji Liang and Shao Ji Hui, was arrested following a cooperative effort between Cambodian and Chinese authorities. The U.S. DOJ indicted him on charges of wire fraud and money-laundering conspiracies tied to the alleged scam network.
“The allegations detail a scheme that operated from Cambodia and scammed victims around the world, including 250 victims in the United States.”
Crypto Fraud Seizure: Unprecedented $14 Billion in Bitcoin
Authorities’ seizure of $14 billion in bitcoin marks the largest of its kind, underlining the scale of the operation. The U.S. government aims to address crypto-related fraud, highlighting ongoing efforts to combat global cybercrime originating from Southeast Asia.
The U.S. DOJ’s indictment reflects increased regulatory scrutiny on cyberfraud. Additionally, the U.K.’s sanctions underscore the international response to Chen’s activities. Freezing of high-value assets in London demonstrates significant cross-border cooperation in this matter.
Extradition Strategy Balances Geopolitical Ties
Scam operations in Southeast Asia have a longstanding history, often involving trafficked workers. Previous crackdowns, such as those initiated by China, targeted similar fraud schemes without causing market disruptions but increased regulatory awareness.
Jacob Daniel Sims of Harvard University notes the extradition decision aligns with geopolitical consideration. By choosing China over Western jurisdictions, Cambodia balances diplomatic interests while addressing transnational crime effectively.
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