Cambodia has handed over billionaire Chen Zhi to China after arresting him for allegedly running a massive cryptocurrency scam.
. The U.S. charged him last October with running online scams from Cambodia, reportedly stealing billions in cryptocurrency. The UK also sanctioned his business empire, Prince Group.
Authorities in Cambodia have suspended Prince Bank, a Prince Group subsidiary. The bank is now in liquidation and cannot offer new services, though customers can still withdraw funds and repay loans, according to the National Bank of Cambodia.
Chinese state media confirmed Chen’s extradition, labeling him as the head of a major cross-border gambling and fraud network. He faces accusations including running illegal casinos, fraud, and concealing criminal proceeds. CCTV reported he is now under strict legal measures in China.
Officials say arrest warrants for other key members of Chen’s syndicate will follow. They warned criminals to surrender before facing stricter punishments.
In 2025, U.S. authorities seized around $15 billion in Bitcoin allegedly tied to Chen, calling it one of the largest financial fraud crackdowns in history. Prince Group has denied involvement in scams, claiming its businesses focus on property, financial, and consumer services.
Chinese authorities have investigated Prince Group since 2020, describing it as a major transnational online gambling and fraud syndicate based in Cambodia. Despite sanctions, Chen Zhi’s operations had managed to maintain a global footprint, shocking experts with the scale of the alleged crimes
