Chen Zhi / Prince Group
Summary
Chen Zhi (also known as Vincent), the Chinese-born founder and chairman of Cambodia-based Prince Holding Group, was indicted by the U.S. Department of Justice in October 2025 on wire fraud conspiracy and money laundering conspiracy charges for allegedly directing forced-labor scam compounds engaged in large-scale 'pig butchering' cryptocurrency investment fraud. Concurrent civil forfeiture of approximately 127,271 Bitcoin — valued at roughly $15 billion and described as the largest forfeiture action in DOJ history — was filed against assets linked to Chen. He was arrested in Cambodia in January 2026 and extradited to China, where he faces separate accusations.
Connected Entities
1 entities · 10 linked investigations- + 7 more
Timeline(17 events)
2014-01-01
Chen Zhi obtains Cambodian citizenship through an investment program.
CNN / Bloomberg reporting2015-01-01
Prince Holding Group founded. DOJ alleges criminal scam operations began around this time.
DOJ Press Release2020-12-01
Approximately 127,426 BTC are drained from LuBian bitcoin mining company in what was initially characterized as an external hack. DOJ later alleged Chen Zhi controlled LuBian and the movement was an insider transfer within the Prince Group money-laundering network.
Elliptic on-chain analysis2021-02-01
LuBian bitcoin mining company ceases operations and disappears.
Elliptic: $15 billion seized by US originates from Iran/China bitcoin miner 'theft'2023-04-01
Chen Zhi travels to the United States despite ongoing federal investigation.
TRM Labs: Operation Prince2024-06-01
Renewed on-chain wallet activity observed in Bitcoin wallets linked to LuBian/Prince Group funds, correlating with DOJ seizure preparation.
TRM Labs: Operation Prince2025-10-08
Grand jury in the Eastern District of New York returns indictment against Chen Zhi on wire fraud conspiracy and money laundering conspiracy charges.
DOJ Press Release2025-10-14
DOJ unseals indictment and files civil forfeiture complaint for approximately 127,271 BTC (~$15 billion) — the largest forfeiture in DOJ history. OFAC concurrently designates Prince Group as a Transnational Criminal Organization and sanctions 146 associated persons and entities. UK FCDO imposes parallel sanctions.
DOJ Press Release / U.S. Embassy Cambodia2025-10-15
FinCEN issues final Section 311 rule barring U.S. financial institutions from conducting business with Huione Group, citing $4 billion in illicit proceeds laundered for Southeast Asian TCOs and North Korea-linked actors.
Money Laundering Watch2025-11-28
South Korea imposes sanctions on Prince Group, joining the United States and United Kingdom.
CNBC2025-11-29
East Asia Forum publishes analysis of Prince Group's transnational criminal networks.
East Asia Forum2026-01-06
Chen Zhi is arrested in Cambodia. Cambodia revokes his citizenship. He is extradited to China at the request of Chinese authorities.
CNN / OCCRP2026-01-09
Bloomberg publishes profile of Chen Zhi detailing his background and alleged criminal operations.
Bloomberg2026-01-16
Chinese police publicly announce that Prince Group-linked individuals have until February 15, 2026 to surrender.
Malay Mail2026-03-11
Chen Zhi's legal team files motion in U.S. federal court seeking dismissal of the $15 billion civil forfeiture action on procedural grounds, alleging the government missed statutory filing deadlines.
Cryptonomist / Crypto Briefing2026-03-19
CryptoTimes publishes analysis examining evidentiary controversies and legal challenges surrounding the $15 billion seizure.
CryptoTimesDecision Log
- hash: AGP8UEm5FgCxfQZKkdvycKoLEYa7V9SaWRtJSioS2Xjt
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-code-investigator
generated: 6/17/2026, 5:08:30 PM
last updated: 6/17/2026, 5:08:40 PM
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