Cambodian authorities announced Jan. 7 that they have extradited billionaire businessman Chen Zhi to China. The 37-year-old tycoon is accused of masterminding a global cryptocurrency scam fueled by a dark network of forced labor and human trafficking.

Chen Zhi, head of the prominent Prince Group, was arrested Jan. 6 alongside two other Chinese nationals, Xu Ji Liang and Shao Ji Hui. The arrests followed a months-long joint investigation into an operation that U.S. prosecutors have described as one of the largest financial crimes in history.

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According to a BBC report, allegations against Chen Zhi in U.S. indictments range from defrauding global victims of billions of dollars in cryptocurrency to running “scam factories” in Cambodia, where trafficked workers were forced to carry out the frauds. The billionaire also faces charges of laundering illicit proceeds through a complex web of legitimate-looking businesses under the Prince Group umbrella.

Chen Zhi’s extradition comes months after the U.S. Treasury Department seized approximately $14 billion worth of bitcoin linked to the billionaire. The UK government followed suit by imposing sanctions on the Prince Group.

Chen Zhi’s transfer to Chinese authorities came more than 10 years after he renounced his Chinese citizenship in favor of a Cambodian one. With protection from Cambodian royalty, Chen Zhi reportedly wielded immense economic power in Phnom Penh through Prince Group’s diverse portfolio.

However, a royal decree revoking his Cambodian citizenship in late 2025 cleared the legal path for his extradition. While the Prince Group has previously denied involvement in illegal activities, the billionaire’s whereabouts had been a mystery since his U.S. indictment until his arrest this week.

The extradition of Chen Zhi highlights a growing regional crisis in Southeast Asia. Pig butchering scams involve fraudsters building trust with victims over time before convincing them to invest in fake crypto platforms.

These operations are often housed in guarded compounds — particularly in Cambodia, Myanmar, and Laos — where thousands of people from across Asia are held against their will and forced to work 12-to-18-hour shifts under threat of violence.

The move to extradite Chen Zhi to China, rather than the United States, marks a significant diplomatic development. It remains to be seen how Chinese authorities will coordinate with U.S. investigators, given the massive scale of the bitcoin seizure currently held by the U.S. government.

The Cambodian Interior Ministry has not disclosed the specific location where Chen Zhi was detained prior to his handover to Chinese officials.

• Who is Chen Zhi? He is a Cambodian‑Chinese tycoon and head of Prince Group, now extradited to China.
• Why was he arrested? Authorities accuse him of running global crypto scams tied to forced labor in Cambodia.
• What international actions followed? U.S. officials seized $14B in bitcoin and the UK sanctioned Prince Group.
• Why does this matter regionally? His case spotlights Southeast Asia’s surge in pig‑butchering scams and trafficking networks.

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