Cambodia Sends Alleged Crypto Scam Boss Chen Zhi Back to China

Thu Jan 08 2026 23:50:08 GMT+0200 (Eastern European Standard Time)

Billionaire businessman Chen Zhi, accused of masterminding a massive cryptocurrency scam in Southeast Asia, has been extradited from Cambodia to China.

Cambodia has extradited Chen Zhi, a Chinese businessman alleged to have orchestrated a vast cryptocurrency scam involving forced labor and financial fraud. The operation allegedly lured workers into labor camps to defraud victims globally. This marked a significant move as the US had previously charged Zhi with running scams that overturned billions in losses, leading to the largest seizure of bitcoin in history. Chen's extradition follows months of investigation and a joint effort by authorities in both the US and China. The unlawful activities have been a major concern in Southeast Asia, where many have fallen victim to these scams.

Cambodia has extradited billionaire businessman Chen Zhi to China, where he faces accusations of masterminding a massive cryptocurrency scam. The scam involved luring trafficked workers into forced labor camps to defraud victims globally.

Chen was among three Chinese nationals arrested on January 6 during a thorough, months-long investigation into transnational crime led by Cambodian authorities.

Born in southeast China, Chen Zhi was charged by US prosecutors last October for overseeing scams from Cambodia that reportedly stole billions in cryptocurrency. His operations came under scrutiny when the US Treasury Department seized around $14 billion worth of bitcoin allegedly linked to him.

Following these allegations, the UK sanctioned his global business empire, Prince Group. The US described this case as one of the largest financial takedowns in history, marked by the biggest seizure of bitcoin ever recorded.

In a statement, Cambodia’s government confirmed the arrest and extradition without specifying where Chen had been held. Last month, Cambodia also revoked his citizenship through royal decree after he had previously given up his Chinese nationality to become a Cambodian citizen in 2014.

Chen's company, Prince Group, has faced scrutiny for its alleged involvement in various online fraud schemes since at least 2020, with claims labeling it a significant transnational online gambling syndicate.

The UN estimates hundreds of thousands have been trafficked into Southeast Asia, often lured by promises of legitimate employment but forced instead into running scams. Victims, predominantly Chinese, are kept against their will under threat of punishment.

As the investigation unfolds, concerns grow over the scale of fraudulent businesses in Cambodia, which may account for around half of the country's economy.