Cryptocurrency fraudster who stole $ 12 billion in bitcoins extradited to China

Cambodian authorities have arrested Prince Group Chairman Chen Ji and handed him over to China at the request of Chinese law enforcement agencies. This was reported by the Cambodian Ministry of the Interior and confirmed by The Wall Street Journal.

Chen Zhi, a native of China, is considered a key figure in large-scale fraud schemes in the region. In October 2025, the U.S. Department of Justice charged him with fraud and money laundering, announcing the confiscation of bitcoins worth almost $ 12 billion. According to the investigation, the Prince Group used legitimate business structures as a cover for at least ten fraud centers in Cambodia, where thousands of employees were forced to defraud victims in different countries.

The U.S. indictment describes a network of more than 100 companies in more than 30 countries, many of which were used for money laundering. The US Treasury Department has imposed sanctions against Chen, the Prince Group’s management and related entities.

Chinese law enforcement agencies are also investigating the conglomerate’s activities. Several Prince Group employees have already been convicted in China for money laundering and illegal gambling.

Prince Group said in November that the charges were groundless and the confiscation of assets was illegal. Representatives of the company and Chen’s lawyers have not yet commented on his extradition.

Chen Zhi’s extradition means that the investigation against him will now continue in China, where law enforcement agencies are investigating Prince Group’s activities as part of their own criminal cases.