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U.S. Charges Entrepreneur in $14B Crypto Scam Scheme

10/24/2025

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Summary

Story summary

The U.S. Department of Justice charged Chen Zhi, a Fujian-born entrepreneur, with leading a crypto scam tied to $14B in seized Bitcoin.
The case links Cambodia-based operations to the scheme, with Prince Group accused of money laundering and trafficking.
After Sihanoukville’s 2019 property collapse, he expanded his business, prompting questions about wealth origins.
Sanctions target 128 entities tied to him, and his assets in the U.S. and U.K. are frozen.

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Story summary

The U.S. Department of Justice charged Chen Zhi, a Fujian-born entrepreneur, with leading a crypto scam tied to $14B in seized Bitcoin.
The case links Cambodia-based operations to the scheme, with Prince Group accused of money laundering and trafficking.
After Sihanoukville’s 2019 property collapse, he expanded his business, prompting questions about wealth origins.
Sanctions target 128 entities tied to him, and his assets in the U.S. and U.K. are frozen.