Cambodia Extradites Billionaire Accused of Crypto Scam to China

Fri Jan 09 2026 08:16:14 GMT+0200 (Eastern European Standard Time)

Chen Zhi, accused of masterminding a huge cryptocurrency scam that trafficked workers into forced labor, has been extradited from Cambodia to China.

Chen Zhi, a billionaire and reputed mastermind behind a multi-billion-dollar cryptocurrency scam that utilized trafficked workers, has been extradited from Cambodia to China following his arrest along with two other Chinese nationals. The US has previously charged him with running extensive internet scams, while Cambodia has taken actions against his business empire.

Cambodia has extradited billionaire businessman Chen Zhi to China after he was accused of masterminding a vast cryptocurrency scam that exploited trafficked workers, forcing them into labor camps while defrauding victims globally.

Chen, alongside two other Chinese nationals, was arrested on January 6 during a joint investigation into transnational crime that lasted several months. The US has charged the 37-year-old businessman with orchestrating internet scams believed to have stolen billions in cryptocurrency, prompting the UK to impose sanctions on his global business conglomerate, the Prince Group.

In response to the allegations, Cambodian authorities have suspended the operations of Prince Bank, a subsidiary of the Prince Group, which is now under liquidation and banned from offering new banking services, although customers can still withdraw funds and repay loans, according to the National Bank of Cambodia.

Notably, US authorities seized approximately $15 billion worth of bitcoin linked to Chen during a crackdown described by FBI Director Kash Patel as “one of the largest financial fraud takedowns in history.” The Prince Group has previously denied any involvement in scams.

Following the US indictment, which included fraud and money-laundering charges, Chen's current location was uncertain. However, Cambodian officials announced on Wednesday that they had arrested Chen and two accomplices, stating they were extradited to the People's Republic of China.

Chen, who renounced his Chinese citizenship in 2014 to become a Cambodian citizen, saw his nationality revoked by royal decree last month. This incident highlights ongoing concerns regarding human trafficking in Southeast Asia, with estimates suggesting hundreds of thousands have been lured to the region with false job promises, only to end up in forced labor situations.

Authorities claim that many of these victims, primarily Chinese, have been forced to carry out online scams under threat of violence. China's heightened investigations into the Prince Group trace back to at least 2020, with the Beijing Municipal Public Security Bureau categorizing the company as a significant transnational online gambling syndicate.

Amid these events, Cambodia's elite has been closely linked to Chen, with minimal comments following allegations from US and UK authorities. Some estimates suggest scam operations may constitute as much as half of Cambodia's economy, underscoring the serious implications of these allegations.