Cambodian-British national Chen Zhi was charged in New York for alleged wire fraud and money laundering
The Prince Holding Group, led by Chen Zhi, has suffered the largest cryptocurrency asset forfeiture in U.S. history after the United States Department of Justice (DOJ) launched a civil forfeiture complaint against approximately 127,271 Bitcoin (≈US $15 billion) held in unhosted wallets tied to the network. Concurrently, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated the Prince Group as a transnational criminal organisation, sanctioning 146 entities and cutting access to key financial systems.
The disruption extends across the Asia-Pacific. In Singapore alone, authorities seized over S$150 million (≈US $115 million) in assets linked to the network. Financial services, real-estate and crypto sectors tied to Southeast Asia’s “scam economy” now face heightened regulatory and reputational risk — undermining offshore investment flows and prompting regional banks to shore up compliance against illicit financial-flows. The scale of the seizure underscores the increasing vulnerability of digital-asset infrastructures and the cost of regulatory failure.
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