Chen Zhi: The Mysterious ‘Scam Empire’ Owner Accused of Stealing $14 Billion in Crypto

The world of cryptocurrency has been rocked by one of the largest scandals in its history. Chen Zhi, a Chinese-Cambodian businessman and founder of the Prince Group, stands accused of orchestrating a vast, multi-national scam empire allegedly responsible for stealing $14 billion in digital assets.

Dubbed “The Prince of Fraud” by investigators, Chen Zhi’s organization has been described as one of the most elaborate investment fraud networks ever discovered. His alleged criminal network operated behind the facade of legitimate global conglomerates, with operations spanning across Asia and beyond. The Prince Group established itself as an international business powerhouse, even controlling several companies publicly listed on the Hong Kong stock exchange, and making attempts to list new ventures on the NASDAQ.

At the core of these operations were scam compounds in Cambodia, where people were reportedly held against their will and forced to work on schemes known as “pig butchering” scams. These scams involved deceiving victims worldwide into investing in fake cryptocurrency ventures, resulting in massive financial losses.

In a major crackdown, authorities seized $15 billion worth of bitcoin from Chen Zhi’s network—the largest crypto seizure from a criminal organization to date. Prosecutors claim the scale of these fraudulent activities is unprecedented, with the operation’s reach extending through multiple countries and financial systems. The recent indictment in a Brooklyn federal court details charges including wire fraud, money laundering conspiracy, and the operation of forced labor sites used to facilitate the scams.

The Chen Zhi case highlights the growing sophistication of international financial crimes and has intensified global scrutiny of crypto markets. As legal proceedings unfold, the world is watching closely to see how justice will be served in a case that has left countless victims in its wake and shaken trust in digital finance.