Chen Zhi's capture marks a milestone in the fight against mega cryptocurrency scams worldwide

One of the largest criminal operations ever documented has reached its breaking point. Tycoon Chen Zhi, identified as the mastermind behind a vast international scam network, was detained in Cambodia and subsequently extradited to China following efforts by Chinese law enforcement authorities. The Chinese Ministry of Public Security celebrated the extradition as a significant victory against transnational organized crime.

The criminal machinery: how the scam network operated

The fraudulent schemes orchestrated by Chen Zhi primarily focused on theft through sophisticated online deception techniques. The most recurring method, known as “pig butchering,” operated insidiously: criminals established trusting relationships with potential victims through digital platforms, creating false friendships that culminated in requests for money transfers to completely fraudulent investment platforms.

Investigations revealed that this scam network accumulated billions of dollars in profits, representing one of the largest fraud operations ever prosecuted. Perpetrators exploited the growing adoption of cryptocurrencies to channel illicit funds, making transaction tracking difficult and facilitating money laundering on an international scale.

An apparent empire hiding criminal activity

Chen Zhi structured his empire through the creation of Prince Holding Group, a corporation that presented itself as a legitimate conglomerate with interests in real estate, financial services, and entertainment. However, both U.S. and British authorities determined that this corporate structure functioned solely as a façade for illegal operations, using fake subsidiary companies spread across more than 30 jurisdictions to transfer criminal assets.

The U.S. Department of Justice, in coordination with the Treasury Department and British offices, formalized charges against Chen Zhi for wire fraud, conspiracy to launder cryptocurrencies, and using legitimate corporate entities as cover for illegal activities.

The largest asset seizure: 14 billion dollars

Law enforcement efforts culminated in the seizure of over 14 billion dollars in cryptocurrencies directly linked to the criminal network. This figure represents the largest digital asset confiscation associated with a single fraud case in the history of international law enforcement.

Labor exploitation: the dark side of the operation

Beyond cryptocurrency scams, investigators linked this network to forced labor schemes and human trafficking. Reports docu