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China to Prosecute Crypto Scammer Chen Zhi for Human Trafficking

1/10/2026

49 8 Full Breakdown

Summary

Story summary

Cambodia extradited Chen Zhi, head of Prince Group, to China on January 6, 2026 after his arrest for a crypto scam tied to forced labor.
The scheme used trafficked workers to defraud victims worldwide, generating up to $30 million daily at its peak.
U.S. authorities seized $15 billion in Bitcoin linked to his operations, while Chinese authorities plan to prosecute him for human trafficking and money laundering as investigations continue.

History

Historical Context

In 2016, the U.S. Department of Justice seized $1.2 billion from cybercrime operations, reflecting the escalating threat of digital fraud. Chen Zhi's Prince Group allegedly generated $30 million daily through a crypto scam linked to human trafficking. This incident highlights the need for international cooperation against such crimes and may lead to stricter regulations on cryptocurrency and labor practices globally.

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Story summary

Cambodia extradited Chen Zhi, head of Prince Group, to China on January 6, 2026 after his arrest for a crypto scam tied to forced labor.
The scheme used trafficked workers to defraud victims worldwide, generating up to $30 million daily at its peak.
U.S. authorities seized $15 billion in Bitcoin linked to his operations, while Chinese authorities plan to prosecute him for human trafficking and money laundering as investigations continue.

1 / 2