Rongchai Wang
Nov 01, 2025 12:41
Singapore authorities freeze $150M in assets linked to Chen Zhi amid a $14.4B Bitcoin fraud investigation. The move follows international enforcement efforts against the alleged criminal network.
Singapore’s law enforcement has frozen over S$150 million (approximately $106 million) in assets associated with Chen Zhi, the Chinese-born chairman of Cambodia’s Prince Holding Group. This action, part of a larger international enforcement effort, targets a vast range of properties, including bank accounts, securities holdings, luxury vehicles, and even a yacht, according to CryptoNews.
Global Crackdown on Fraud Network
The crackdown is part of a coordinated effort that began in mid-October, involving authorities from the U.S. and UK. They have announced criminal charges against Chen Zhi and are working to seize around $14.4 billion in Bitcoin, which prosecutors claim is linked to one of Asia’s most sophisticated fraud operations.
Chen’s conglomerate, Prince Holding Group, which was founded in 2015, is formally involved in real estate, finance, and hospitality sectors across over 30 countries. However, allegations suggest that the organization has evolved into a criminal empire, luring individuals with fake job offers and forcing them to participate in ‘pig butchering’ scams—long-term frauds that trick victims into investing in fraudulent crypto trading platforms.
Financial Web of Deceit
U.S. court documents detail how the network allegedly laundered its illicit gains through over 100 shell companies, routing funds via crypto exchanges and mining operations before converting them into Bitcoin. Investigators have traced at least $18 million from more than 250 U.S. victims through New York-based entities, representing a small fraction of the billions funneled back to Cambodia.
In a significant move, the U.S. Treasury’s Office of Foreign Assets Control has sanctioned 146 individuals and entities linked to the Prince Group. Simultaneously, the Financial Crimes Enforcement Network has accused the Cambodia-based Huione Group of laundering at least $4 billion in illegal proceeds.
Bitcoin Movements Stir Speculation
The investigation has also brought attention to a dormant Bitcoin wallet linked to the LuBian mining pool, previously associated with Chen’s operations. The wallet recently moved 11,886 BTC, valued at about $1.3 billion, after more than three years of inactivity. This movement has sparked speculation regarding the motives behind these transfers, with theories ranging from defensive repositioning to strategic asset reallocation.
According to Arkham Intelligence, a significant theft of 127,426 BTC occurred from LuBian in December 2020 due to vulnerabilities in its private key generation system. This theft, considered one of the largest in history, led to the pool’s disappearance by February 2021.
U.S. prosecutors contend that Chen and his associates utilized large-scale mining operations, such as Warp Data in Laos and LuBian, to launder illicit funds, producing substantial amounts of ‘clean’ Bitcoin unlinked to their criminal activities.
If successful, the Department of Justice’s forfeiture claims could significantly bolster U.S. government Bitcoin holdings, which Treasury Secretary Scott Bessent estimated in August to be between $15 billion and $20 billion.
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