Story perspectives

U.S. Investigates Billionaire Chen Zhi's $15B Bitcoin Scam

10/20/2025

Summary

Chen Zhi Investigated

U.S. authorities have launched a comprehensive investigation into Chen Zhi, a Cambodian billionaire, behind a $15 billion Bitcoin scam.
Investigators describe the operation as a "sprawling cyber fraud empire" that involved forced labor and romance scams, with "scam compounds" in Cambodia where trafficked workers were coerced into deceiving victims.
Authorities in Thailand and Singapore are also investigating Chen's Prince Holding Group, which has faced sanctions for fraud and money laundering.

Summary

Investor Loses Millions

A U.S. investor lost $3.05 million in XRP after a hacked Ellipal hardware wallet, underscoring crypto security risks.
Stolen funds were laundered through over-the-counter (OTC) channels linked to Huione, a platform recently sanctioned for fraud and money laundering.
Victims face limited legal options and scarce Ripple community support for complex crypto cases.

History

Historical Context

The 2013 seizure of $28 million in Bitcoin from Silk Road underscored vulnerabilities in cryptocurrency, leading to increased scrutiny from agencies like the FBI and IRS. This scrutiny continues today, as the investigation into Chen Zhi's $15 billion Bitcoin scam highlights ongoing regulatory challenges. In 2023, crypto fraud cost American investors an estimated $4.8 billion, emphasizing the urgent need for stronger protections.

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Chen Zhi Investigated

U.S. authorities have launched a comprehensive investigation into Chen Zhi, a Cambodian billionaire, behind a $15 billion Bitcoin scam.
Investigators describe the operation as a "sprawling cyber fraud empire" that involved forced labor and romance scams, with "scam compounds" in Cambodia where trafficked workers were coerced into deceiving victims.
Authorities in Thailand and Singapore are also investigating Chen's Prince Holding Group, which has faced sanctions for fraud and money laundering.

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