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Chen Zhi Arrested: Mastermind Behind $12B Crypto Scam Captured
Source: CoinTribune Original Title: Chen Zhi Arrested: Mastermind Behind $12B Crypto Scam Captured Original Link: https://www.cointribune.com/en/chen-zhi-arrested-mastermind-behind-12b-crypto-scam-captured/
Overview
Chen Zhi, founder of Prince Holding group, orchestrated a massive crypto fraud through scam centers in Cambodia using the “pig butchering” method—a technique that involves gaining victims’ trust before stripping them of their crypto funds. Arrested on January 6, 2026, in Cambodia, Chen Zhi was extradited the next day after his Cambodian nationality was revoked. This operation resulted from international collaboration between Cambodian, Chinese, and Western authorities, illustrating the determination to dismantle transnational criminal networks.
$12 Billion in Crypto Seized
U.S. authorities have seized 127,271 bitcoins, estimated at $11.6 billion, marking the largest confiscation in the history of the Department of Justice. These funds come from massive crypto frauds orchestrated by Chen Zhi’s network. Additionally, sanctions imposed by the United States and the United Kingdom against Prince Holding have led to the freezing of real estate assets in Europe and Asia.
According to Chainalysis, crypto balances linked to criminal activities exceed $75 billion, with a 300% increase in funds held by illicit entities since 2020. These figures reveal the scale of crypto scams and the urgency of stricter regulation to protect investors and users.
Bitcoin: The Preferred Asset of Scammers
Bitcoin remains the favored digital asset among fraudsters due to its anonymity and ease of cross-border transfer. Scams like those orchestrated by Chen Zhi exploit these characteristics to:
Similar cases, such as the PlusToken or WoToken scams, demonstrate that BTC is often at the heart of “pig butchering” frauds.
The Path Forward
Despite persistent challenges in international cooperation, regulators must strengthen their crypto tracking tools. For users, it is crucial to remain vigilant and prioritize regulated platforms. Companies in the sector must also strengthen their security protocols to limit fraud risks and protect their clients.
Chen Zhi’s arrest underscores the urgency to strengthen regulations around cryptocurrencies. As frauds multiply, authorities and sector players must better collaborate to protect investors.