Recently, a shocking cryptocurrency scam case has come to light, with an enormous amount of money involved and a wide range of implications, marking it as the largest "asset seizure case" in human history. The U.S. District Court for the Eastern District of New York has charged Chen Zhi, the chairman of the Cambodian "Prince Group," accusing him of operating forced labor scam parks, engaging in "pig butchering" cryptocurrency investment scams, and laundering money, with losses amounting to tens of billions of dollars. The U.S. is seeking to confiscate up to 127,271 bitcoins, which, at current prices, is valued at approximately $15 billion (about 107 billion RMB). However, behind this seemingly righteous crackdown on crime lies a complex international game and distribution of interests: Chinese victims have suffered heavy losses, while the U.S. has reaped enormous assets. This not only reveals the dark side of cryptocurrency being abused in criminal activities but also provokes deep reflections on international judicial cooperation, asset recovery, and geopolitical impacts.
- Cambodian "Electric Fraud Tycoon" Chen Zhi: A Black-and-White Intertwined Cryptocurrency Empire
Chen Zhi, a 38-year-old "electric fraud tycoon" born in Fujian, is a powerful figure in Cambodia. He has built a vast cryptocurrency empire through a mix of legitimate and illegitimate means.
Founding History: He made his first fortune in Cambodia through smuggling. In 2015, he founded the Prince Group, primarily engaged in real estate and finance, developing clubs, estates, supermarkets, hotels, and casinos in Sihanoukville and Phnom Penh, even establishing Prince Bank.
Core Business of "Electric Fraud Parks": His main business is actually running electric fraud parks in Cambodia, such as the Jin Hong Park. These parks have a wide range of operations, including order brushing and "intimate chatting," which refers to the common "pig butchering" scams. They control 1,250 mobile phones and 76,000 social media accounts, with the vast majority of their business targeting China.
Political Protection and Private Armed Forces: Chen Zhi has close ties with the Hun Sen family and serves as a joint advisor to Prime Minister Hun Sen and his son, Hun Manet, holding a ministerial-level position and being honored as an "Outstanding Tycoon." He can even keep tigers in his estate in Sihanoukville and send private armed forces to catch tigers, even driving tanks around the estate. This political protection has allowed the parks to remain operational, with annual expenditures on "greasing" exceeding $100 million.
Enormous Wealth: The second-in-command of the Prince Group revealed that "in 2018, the Prince Group could earn $30 million a day through pig butchering," amounting to 220 million RMB, with annual revenues exceeding 80 billion RMB. This money is laundered through casinos and bitcoin.
- U.S. Thunder Strike: The "Century Seizure" of 107 Billion RMB in Bitcoin
The U.S. government's indictment of Chen Zhi and the seizure of a massive amount of bitcoin marks a milestone in its crackdown on cross-border cryptocurrency crime.
Criminal and Civil Dual Approach: The U.S. has filed criminal charges against Chen Zhi, including fraud, human trafficking, and money laundering, with a potential sentence of around 40 years. Simultaneously, in civil proceedings, these bitcoins are classified as illicit gains, thus being confiscated for U.S. ownership.
127,271 Bitcoins: The primary asset being seized by the U.S. is 127,271 bitcoins, valued at approximately $15 billion (about 107 billion RMB) at current prices. This confiscation is considered the largest "asset seizure case" in human history.
The Mystery of the "Lubian" Mining Pool: According to the U.S. indictment, in the 2020 "largest bitcoin theft case in history," a mining pool named "lubian" suddenly emerged, reaching the sixth largest globally within a year. The 127,400 bitcoins stolen were worth $3.5 billion at the time. The indictment claims that "lubian" is controlled by the Prince Group and Chen Zhi. This has led to speculation: either the original "bitcoin theft" was orchestrated by Chen Zhi and his associates, or the hackers were actually from the U.S.
U.S. Strategic Bitcoin Reserve: According to an executive order issued by President Trump earlier this year, these bitcoins will be added to the U.S. strategic bitcoin reserve.
- Chinese Victims, U.S. Reaping: Who are the Real Beneficiaries of this "Asset Seizure Case"?
This case has sparked deep reflections on international judicial cooperation and the distribution of interests.
Chinese are the Biggest Sufferers: The majority of Chen Zhi's "pig butchering" business targets China, making Chinese people the primary victims of electric fraud. However, the U.S. has seized over 100 billion RMB in assets, justifying it by claiming "victims include British/American individuals."
The U.S. Profits Handsomely: Chen Zhi's "pig butchering" operations involved about $12.8 million in U.S. business, accounting for only 0.8% of the seized bitcoins. The one-time seizure of $15 billion, equivalent to over 100 billion RMB, undoubtedly marks one of the most profitable investigations in U.S. history.
Parks Still in Operation: Despite Chen Zhi being indicted, the electric fraud parks continue to operate. In November last year, Cambodia raided the Jin Hong Park, detaining over 1,000 people, but ultimately only took away 25, classifying the situation as "no foreigner was beaten, living conditions met standards, and no illegal activities were found in the park." This indicates that there is a powerful backing behind the electric fraud parks, with annual expenditures on "greasing" exceeding $100 million.
- The "Decentralization" Myth of Cryptocurrency Exposed?
This case has once again raised doubts about the "decentralized" nature of cryptocurrency.
Bitcoin is Not Forever Untraceable: The notion that bitcoin is forever untraceable and decentralized is false. The reality is that the transaction trails and wallet flows of bitcoin are traceable.
The U.S. Can Freeze and Confiscate Anytime: Not only can the U.S. locate the bitcoins, but it can also freeze, seize, and confiscate them at any time! This dismantles the "decentralization" myth of bitcoin, revealing that the only truly reliable asset remains gold!
- Chen Zhi's Political Protection and International Game
Chen Zhi's success is inseparable from his close relationship with the Hun Sen family. He has been appointed as an advisor to the Cambodian Ministry of Interior, directly serving Hun Sen's family. With Hun Sen as a protective umbrella, Chen Zhi's electric fraud business in Cambodia has become unstoppable.
International Game: On the surface, the U.S. is targeting Chen Zhi's Prince Group, but in reality? This is not just a complete takeover of Chen Zhi's personal assets but also a comprehensive seizure of Cambodia's electric fraud assets. Behind this lies a complex international game.
Musk's Role: Musk's Starlink satellite communication has become the largest network provider for global electric fraud parks. Musk himself is also one of the behind-the-scenes beneficiaries of the electric fraud industry chain.
Conclusion:
The U.S. "asset seizure" of Chen Zhi's cryptocurrency empire marks a significant victory in the global fight against cryptocurrency crime, but the reality of heavy losses for Chinese victims and the U.S. reaping enormous assets also provokes deep reflections on international judicial cooperation, asset recovery, and geopolitical impacts. This case serves as a warning that the anonymity and cross-border nature of cryptocurrency make it a tool for criminals to launder money and commit fraud. In the Web3 era, how to build a more effective international judicial cooperation mechanism to ensure fair asset recovery will be a major challenge facing the world.
Related Reading: Huione Domino Effect: Involved in XRP Massive Theft Case, Cambodian Branch Erupts in Run Crisis
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
