Reporters: Wang Sisi, Zhao Meng

Source: Jiemian News

Born in a small town in Fujian Province, Chen Zhi came from a humble family background. However, at the age of 28, he founded Cambodia's largest real estate group, instantly becoming one of the region's wealthiest individuals. Ten years later, he was indicted by US law enforcement as the "mastermind behind a transnational cyber fraud empire," with approximately $15 billion worth of Bitcoin seized. The UK also imposed sanctions on him, freezing 19 properties in London and all of his assets in the country.

Even before the US prosecution, Chinese public security authorities had already launched an investigation into him. A 2023 verdict revealed that the online gambling companies he was associated with were involved in over 5 billion yuan. Chen Zhi himself still holds executive positions and shares in several companies, and most of them remain operational.

Chen Zhi's family members recall that someone once went to Cambodia to work as Chen Zhi's driver, returning home a few years later to drive a Bentley. Many fellow villagers also went abroad to work as his "hand men," earning annual salaries starting at one million yuan. It was widely known that his primary "business" in Cambodia was fraud, and some, upon learning of the US sanctions, lamented, "This day was bound to come sooner or later."

Jiemian News interviewed several people closely related to Chen Zhi, reviewed the indictment from the U.S. Department of Justice, and visited the casino under the Prince Group in Sihanoukville, Cambodia, in an attempt to restore the trajectory of the rise and collapse of this "electronic fraud empire."

The indictment shows that the account books kept by Chen Zhi and his accomplices recorded multiple transactions of bribery to foreign officials - millions of dollars in luxury goods, yacht expenses, and operations to facilitate travel through diplomatic passports; the account books also systematically reflected the management and profitability of the various fraud camps of the Prince Group, indicating the floors and buildings responsible for each project, and even noting the different "pig killing" methods used in different countries and regions.

These account books provide direct and quantifiable evidence to accuse Chen Zhi of electric bombing and money laundering, and also reveal the dark network behind his wealth.

“People like this should have been arrested long ago.”

A short man with a big forehead, he spoke with a Fujian accent. He drove a Rolls-Royce and was always accompanied by bodyguards. This was Yang Ling's initial impression of Chen Zhi. In 2020, while working abroad, Yang Ling first met Chen Zhi during a business meeting in northern Myanmar.

Yang Ling recalled that the several casino owners present at the time all operated casinos in Southeast Asian countries, "all from Fujian." In her memory, Chen Zhi appeared to be about 1.68 meters tall, his short stature accentuated by the bodyguards accompanying him as he moved. However, Chen Zhi's eyes always revealed a "ruthlessness."

Qiu Yifan, a native of Lianjiang County, is a fellow townsman of Chen Zhi. He described Chen Zhi as being from Xiao'ao Town in Lianjiang County and having a high school education. Qiu Yifan also mentioned that before going abroad, Chen Zhi worked as a network administrator in internet cafes in Guangdong and Jiangsu for two to three years. He then engaged in data trading and transmission, and opened dating and gaming dating websites. Later, Chen Zhi formed a team to develop a private server (a pirated version of the game "Legend"), which became his first pot of gold.

Public information indicates that Chen Zhi was born in Fujian in 1987. According to the website of DW Capital Holdings, a Singaporean fund management company in which he personally invested, Chen Zhi is described as a "young business prodigy." His first venture was a small internet cafe in Fujian Province. In 2011, Chen Zhi ventured into the Cambodian real estate market, exploring "uncharted waters." He subsequently expanded his business to establish Prince Holding Group.

Xiao'ao Town is located in southeastern Lianjiang, facing the Matsu Islands across the sea to the east, Guantou to the south, Dongdai to the north, and Lianjiang City Gate to the west. Located at the confluence of the Minjiang and Aojiang River estuaries, Xiao'ao boasts unique local fishing spots and has served as a filming location for numerous television dramas, including "Hero Zheng Chenggong" and "Those Mountains and Seas."

Chen Zhi came from an ordinary family in this coastal tourist town. Someone who knew Chen Zhi's parents told Jiemian News that the Chen family's economic status was considered average for Lianjiang County. Locals couldn't pinpoint the exact year Chen Zhi went to Cambodia, but they "all knew it was a scam."

Lin Bing, also from Xiao'ao Town, Lianjiang County, said Chen Zhi has an older brother who is also in Cambodia. Lin Bing revealed that many people from several nearby villages went to Cambodia to work with Chen Zhi. "Once there, he frantically added Chinese people on WeChat and then, through chatting, lured them into online gambling. I don't know how many people have lost their fortunes," Lin Bing said with disdain. "People like this should have been arrested long ago."

Correspondingly, the U.S. Department of Justice recently announced an unprecedented transnational criminal case involving the confiscation of approximately 127,271 bitcoins (worth approximately $15 billion). This is also the largest cryptocurrency asset confiscation operation in U.S. history, exposing Chen Zhi's "electronic fraud empire" to the world.

According to a civil forfeiture lawsuit and criminal indictment filed by the U.S. Attorney's Office for the Eastern District of New York, Vincent Chen, who holds passports from China, Cambodia, Vanuatu, Saint Lucia, and Cyprus, is accused of leading one of Asia's largest transnational criminal organizations, causing billions of dollars in losses to victims worldwide. Nearly ten unnamed co-defendants are also named.

The indictment shows that since around 2015, Chen Zhi established at least 10 fraud parks in Cambodia. These parks were surrounded by high walls and barbed wire, and thousands of cross-border workers seeking job opportunities were trafficked there and forced to carry out large-scale online fraud under the threat of violence.

The indictment specifically names three parks: Kim Be Park (located in Sihanoukville, Cambodia, and associated with the Kim Be Casino); Golden Fortune Technology Park (located in Chrey Thom, also known as "Golden Cloud Technology Park"); and Mango Park (located in Kampong Speu province, also known as "Golden Hong Park").

In September 2019, reporters from Jiemian News visited several scam parks in Sihanoukville, Cambodia. Cambodia was cracking down on online gambling and fraud at the time, forcing many scam parks to close or relocate. However, Jinbei Park remained open, and several people trapped there sent messages for help. Rumors circulated that the owner of Jinbei Park had connections. The casinos within Jinbei Entertainment City were resplendent, packed with players and open all night.

 Jinbei Entertainment City, a subsidiary of Prince Group.

An insider told Jiemian News that in recent years, Chen Zhi's park has shifted its focus to European and American markets. U.S. Treasury Department data shows that financial losses from online investment fraud in the United States have continued to rise over the past few years, totaling over $16.6 billion.

The indictment reveals that the Prince Group's operations at these parks primarily involved so-called "pig-killing" scams, an elaborate investment scam. Chen Zhi himself was directly involved in managing these bases and kept detailed profit records, clearly labeled "pig-killing."

At Prince Group's Jinhongyuan, a ledger maintained by Chen Zhi detailed the types of fraud perpetrated by different floors, including "Vietnamese order fraud," "Russian order fraud," "European and American investment script chat," and "Chinese order fraud." Internal documents also included instructions on how to build trust with victims, even suggesting using photos of "less attractive" women as profile pictures to make accounts appear more authentic.

Chen Zhi was charged with two counts of wire fraud conspiracy and money laundering conspiracy. Due to the huge amount of money involved, if convicted, he could face up to 40 years in prison.

The establishment of a "fraud empire"

After Chen Zhi was charged in October, the Prince Group, which he founded in 2015, also became the focus of attention.

Prince Group, based in Phnom Penh, Cambodia, is one of Cambodia's largest conglomerates. It claims to operate over 100 business entities in more than 30 countries, with businesses spanning real estate development, financial services, tourism, and consumer services. The group owns well-known subsidiaries such as Prince Real Estate Group, Prince Bank, and Awesome Global Investment Group.

Chen Zhi's business empire has spread across Cambodia, with real estate investment alone amounting to US$2 billion, including the large shopping mall Prince Plaza in Phnom Penh.

Furthermore, Chen Zhi's business ambitions have already extended beyond China. Since February 2025, Prince Group has been launching a "deployment" strategy in China, with showrooms either successfully opened or under preparation in countries such as Japan, Thailand, Vietnam, and Russia. Information about these showroom openings can still be found on online platforms.

But the indictment reveals the true face of this business empire: fraud and money laundering account for the vast majority of Prince Group's revenue, while many of those legal businesses are not profitable or even loss-making, and their purpose is only to cover up fraud and money laundering.

To increase the efficiency of their fraud schemes, Chen Zhi and his co-defendants purchased advanced equipment. Indictment documents reveal that in 2018, one co-defendant purchased millions of mobile phone numbers and account passwords from an illegal online marketplace. Documents kept by Chen Zhi himself describe an automated call center called "Golden Wealth Technology Park," equipped with 1,250 mobile phones and controlling 76,000 social media accounts.

 An automated call center used by the fraud industry in the cyber fraud park. Image from the indictment released by the U.S. Department of Justice.

The indictment alleges that a co-defendant boasted in the summer of 2022 that the Prince Group earned more than $30 million a day in 2018 from the "pig slaughter" scam and related illegal activities alone, with annualized revenue of approximately $11 billion. On an annualized basis, this was nearly one-third of Cambodia's GDP that year.

The Prince Group frequently used violence to maintain the operation of its fraud base. In one incident, Chen Zhi authorized the beating of a person causing trouble at the base, but instructed them not to kill him, adding, "We must keep an eye on them and prevent them from escaping." The indictment includes images saved by Chen Zhi showing violence, with visible injuries on several people. The indictment alleges that reports of the brutal murder of a 25-year-old Chinese citizen in 2023 were linked to the Prince Group.

To protect this criminal enterprise, Chen Zhi and his co-defendants systematically bribed public officials in multiple countries. One co-defendant was appointed the head of risk control for the Prince Group, specifically responsible for monitoring investigations and engaging in corrupt transactions with foreign law enforcement officials.

In May 2023, accomplice-2 communicated with a high-ranking official who offered to help a fellow Prince Group accomplice get out of trouble. In return, accomplice-2 offered to "take care of" the official's son.

A bribery ledger kept by Chen Zhi shows that in 2019, a co-defendant purchased a yacht worth over $3 million for a senior government official. Chen Zhi also purchased luxury watches worth millions of dollars for another senior government official. In 2020, the official helped Chen Zhi obtain a diplomatic passport, which he used to travel to the United States in April 2023.

The indictment alleges that co-defendant No. 2 boasted, "Whenever there's a law enforcement crackdown on the fraud park, we remain unscathed." Chen Zhi also boasted to others about his special connections, including exchanging bribes for advance information on law enforcement actions, thereby evading sanctions.

127,271 Bitcoins

Prince Group's fraudulent activities have extended to the United States. In the Eastern District of New York, a local organization known as the Brooklyn Network assisted Prince Group's Jinbei Park in carrying out investment scams. Scammers contacted victims via messaging apps, claiming to have made money investing in cryptocurrency or foreign exchange markets. They then introduced victims to so-called "account managers," who provided bank account information and created investment portfolios on fake trading platforms.

However, these bank accounts were actually accounts opened by the Brooklyn network at New York financial institutions under the names of shell companies. Instead of being invested, victims' funds were misappropriated and laundered through these accounts. The "growth" displayed on the trading platforms was completely false. When victims attempted to withdraw large amounts, they were told they would have to pay transaction fees, taxes, or legal fees, and eventually the contact person cut off all contact.

Between May 2021 and August 2022, Brooklyn Network defrauded and laundered more than $18 million on behalf of the Prince Group from more than 250 victims in the Eastern District of New York and across the United States.

Chen Zhi and his co-defendants laundered vast amounts of criminal proceeds through a complex, multi-layered network. This involved using specialized money laundering banks to receive proceeds stolen from the Prince Group's fraudulent activities and then funnel these funds back to the Prince Group. A common method was to collect the proceeds in the form of Bitcoin or stablecoins and then transfer them to fiat currency. The money launderers then used these funds to purchase clean Bitcoin or other cryptocurrencies.

The indictment alleges that Chen Zhi was directly involved in coordinating these money laundering activities and discussed his use of illegal banks and underground money houses with his co-defendants. Chen Zhi also maintained documents that explicitly mentioned "BTC laundering" and "BTC money launderers."

The Cambodia-based Huione Group (Huiwang Group, hereinafter referred to as "Huiwang") was identified as the primary money launderer in this operation. The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) alleged that Huione laundered at least $4 billion between August 2021 and January 2025, including at least $37 million from North Korea-linked cyber thefts, at least $36 million from virtual currency investment scams, and approximately $300 million from other cybercrime activities.

According to Huiwang's official website, it was founded in 2014 as an innovative company dedicated to bringing leading financial technology services to the world. Multiple sources told Jiemian News that Huiwang has connections to the Prince Group. Some claim that Huiwang's founder was once a subordinate of Chen Zhi, "presumably a former financial manager at the Prince Group."

Huiwang has long been known as the "world's largest online black market." An investigation by Elliptic, a US-based company dedicated to preventing cryptocurrency financial crime, revealed that Huiwang had created a "one-stop crime platform" on Telegram (a cross-platform instant messaging software), where numerous third-party vendors offered technology tools, personal information, and money laundering services, primarily targeting cryptocurrency fraud rings and illegal online operators in Southeast Asia. In May 2015, Telegram completely blocked all channels and groups related to Huiwang.

By 2020, Chen Zhi had amassed a massive trove of laundered bitcoins, approximately 127,271 in non-custodial wallets for which he personally controlled the private keys. These bitcoins are worth approximately $15 billion at current market capitalization. These cryptocurrencies were stored in 25 non-custodial addresses controlled and tracked by Chen. Chen Zhi personally recorded the wallet addresses and mnemonic phrases corresponding to each private key.

 (Part of) the virtual currency addresses that Chen Zhi purchased after money laundering. Image from the indictment released by the U.S. Department of Justice.

FBI cryptocurrency analysts determined that the 25 cryptocurrency addresses controlled by Chen Zhi could be grouped into 13 clusters, displaying similar funding patterns. These addresses primarily received funds through two sources: cryptocurrency mining and indirect transfers from centralized exchanges, particularly those that did not cooperate with U.S. law enforcement.

The money laundering process used complex "distributed processing" and "centralized transfer" techniques: large amounts of cryptocurrency were repeatedly split into dozens of wallets and then re-integrated into fewer wallets, with no other commercial purpose other than obfuscating the source of funds.

For example, one case showed that funds from a Bitcoin mining pool were dispersed to 22 independent addresses, then re-merged into a centralized transfer address and transferred to a wallet controlled by Chen Zhi. Another case showed that funds from an exchange were dispersed to 27 addresses and also transferred out through the same centralized transfer address.

Chen Zhi used the proceeds from the fraud to fund large-scale cryptocurrency mining operations, including Warp Data in Laos and its Texas subsidiary, as well as a mining company that at one point operated the sixth-largest Bitcoin mining operation in the world. Chen Zhi boasted to others that these mining operations were "highly profitable because there were no costs."

The investigation also found that the timing and amount of Bitcoin transfers from exchanges were highly consistent with mining revenue, indicating that the illusion that all funds came from mining was deliberately created.

The indictment reveals that a total of 128 companies and 18 individuals have been sanctioned by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) for their ties to the Prince Group. Most of these individuals are members of the Prince Group or relatives of Chen Zhi. Their companies are registered in Cambodia, Singapore, the British Virgin Islands, the Cayman Islands, and the Pacific nation of Palau. The vast majority of these companies are "offshore shell companies with no apparent commercial or business activities." These companies provided false statements when opening accounts.

 Chen Zhi and the Prince Group criminal network. Image from OFAC

For example, one of the companies opened an account claiming it was used for "proprietary trading and investing," with its income source being "personal wealth," and that monthly transactions were approximately $2 million. However, bank records showed that in February 2020, there were actually approximately $22.5 million in deposits and $21.8 million in withdrawals, an underestimation of over 1,000%. This is suspected of violating multiple laws in the United States.

Ultimately, the funds were used in part for lavish travel, entertainment, and expensive purchases, including watches, yachts, private jets, vacation homes, high-end collectibles, and rare items. Among these were a Picasso painting purchased through a New York City auction house.

Chen Zhi's gang was investigated in China

Jiemian News found that Chen Zhi has been active in the domestic capital market for nearly 15 years, covering sectors including healthcare, entertainment, technology, and trade. In 2010, Chen Zhi served as the legal representative and executive director of Jiangmen Dacheng Medical Equipment Co., Ltd. In 2011, he became a director of Jiangxi Damai Interactive Entertainment Technology Co., Ltd.

Over the next few years, he became a senior executive at several domestic medical and trading companies. To this day, Chen Zhi remains the manager and executive director of Taizhou Gangbiao Trading Co., Ltd. and Zhuhai Yisheng Biotechnology Co., Ltd. In the former, he holds a 100% stake.

Tianyancha shows that Taizhou Gangbiao Trading Co., Ltd. (formerly known as Lianyungang Pubiao Trading Co., Ltd.), established in 2012 and located in Taizhou, Zhejiang Province, is primarily engaged in wholesale. Its business scope includes: food sales; edible agricultural product retail; gift and flower sales; furniture sales; cosmetics sales; jewelry retail; auto parts sales; and Class II medical device sales. In 2015, the company was listed on the list of irregular operations for failing to submit its 2013 and 2014 annual reports as required.

Jiemian News found that Chen Zhi has invested in 12 domestic companies to date, four of which are listed as "deregistered" and one as "revoked." His largest investment, both in terms of both share and amount, is in Chongqing Qusu Unlimited Equity Investment Fund Management Co., Ltd. (hereinafter referred to as "Qusu Fund"), which is still in existence.

Tianyancha reports that Warp Speed Fund, established in 2015, is a high-tech venture capital fund focused on investments in the internet, mobile internet, mobile gaming, and related industries. The company's first phase fund reached 500 million RMB, providing financial support to Chinese internet startups and enterprises. Its registered capital is 50 million RMB, with Chen Zhi holding a 70% stake.

In July 2021, the company was listed on the list of irregular operations by the Chongqing Liangjiang New Area Market Supervision and Administration Bureau for failing to publish its annual report within the deadline. In October 2024, Warp Speed Fund was again listed on the list of irregular operations because its registered residence or business premises could not be contacted.

On December 9, 2022, the Asset Management Association of China (hereinafter referred to as the "Agency Association") issued the "Announcement on Cancelling the Registration of 27 Private Equity Fund Managers Including Chongqing Zhengyin Guanghui Equity Investment Fund Management Co., Ltd. Who Failed to Submit Special Legal Opinions at the Expiration of the Term" (hereinafter referred to as the "Announcement").

The announcement revealed that 27 private equity fund managers, including Warp Speed Fund, engaged in irregular operations and failed to submit a compliant special legal opinion within three months of the written notice. Consequently, the China Securities Regulatory Commission (CSRC) cancelled the private equity fund manager registrations of these 27 institutions and recorded the aforementioned circumstances in the Capital Market Integrity Database.

In March 2025, after a random inspection, the Chongqing Securities Regulatory Bureau made another statement on Qusu Fund: the company's private equity fund manager qualification had been revoked by the China Securities Investment Fund Association on December 9, 2022, and it does not have the qualifications to conduct private equity fund business, and is not allowed to use the words "fund", "fund management", "private equity" or similar names to conduct private equity fund business activities.

But as of now, the Warp Speed Fund has not changed its name.

On the morning of October 22, a reporter from Jiemian News called the Chongqing Securities Regulatory Bureau regarding this matter. The other party stated that since the private equity qualification of Warp Speed Fund was revoked in December 2022, the Chongqing Securities Regulatory Bureau has repeatedly urged it to change its name and has also repeatedly warned the outside world of the relevant risks.

As for whether the fund had any prior violations or was compliant, the Chongqing Securities Regulatory Bureau is unable to provide a definitive answer due to the lengthy delay since the fund's deregistration. A staff member explained, "It's been three years since the fund's private equity license was revoked, and we're no longer responsible for it." For further inquiries, the staff member recommended consulting other local Chongqing authorities.

In fact, before the joint accusation by Britain and the United States, the country had already taken action to crack down on Chen Zhi's gang.

In 2020, the Beijing Municipal Public Security Bureau established a special task force on May 27 to investigate the "Cambodian Prince Group, a large-scale cross-border online gambling criminal group." In 2023, the Wangcang Court in Sichuan Province heard a major case involving the operation of a cross-border online casino. The suspect, Yuan Mouhua, was found guilty of colluding with stakeholders of the Prince Group to operate an online gambling operation targeting Chinese citizens since 2016, with the proceeds exceeding 5 billion yuan.

 Prisoners who were tortured in the electrocution facility. Image from the indictment released by the U.S. Department of Justice.

Storms in Cambodia

On the one hand, he is called a "cyber fraud giant" by the United States and Britain, and on the other hand, he is a powerful figure in the Cambodian business community and enjoys a good reputation.

Since the founding of Prince Group 10 years ago, Chen Zhi has been intent on showcasing his philanthropic side. In Cambodia, he has pioneered numerous charitable projects. Prince Group uniformly names them "Prince Charity," claiming they focus on areas such as education and youth development, healthcare, community engagement, and sports. Chen Zhi himself is hailed on its official website as a "respected entrepreneur in Cambodia's business community."

Among the prince's so-called philanthropy is the Chen Zhi Scholarship, a benchmark project named after him. Its partner institutions include the Royal University of Phnom Penh (Information Technology Engineering, Computer Science, International Business Management, and Media and Communication); the Technological Institute of Cambodia (Civil Engineering); and the National University of Management (Digital Economy and Tourism).

It's easy to see that the students sponsored are all related to Chen Zhi's business empire. It's unclear whether this move is intended to cultivate professional talent for himself.

According to its official website, it has provided full scholarships, stipends, internships, and job opportunities to 400 Cambodian university students over the past seven years. Furthermore, it states: "It has initiated over 280 charitable activities, benefiting over 1.5 million people and donating over US$18 million."

Prince Group has also made numerous large-scale donations for disaster relief and healthcare. An article on its official website mentioned that Chen Zhi actively responded to the local government's call to donate money and supplies for epidemic prevention and disaster relief efforts. "Over the past six years, Prince Group Holdings has invested over US$2 billion in Cambodia."

In the past two years, Chen Zhi and his Prince Group have also won a number of international business awards: Cambodia's Best Socio-Economic Development Contribution Award (International Finance Award), Outstanding Person of the Year (2024 Global Economic Award) and Corporate Social Responsibility Innovation Achievement Award (2025 Asia Pacific Stevie Award).

In Cambodia, Chen Zhi is not only a well-known entrepreneur and philanthropist, he has also been officially awarded the title of Lord by the government.

Recently, Cambodian Interior Ministry spokesman Do Sokha said that the Cambodian government hopes that the United States and Britain will provide sufficient evidence when taking legal action against Prince Group and its founder Chen Zhi.

He said that Chen Zhi's procedure for obtaining Cambodian citizenship was in compliance with the law. Du Sokha believes that Prince Group's operations in Cambodia fully comply with local legal requirements and enjoy the same treatment as other investment companies in Cambodia.

He also stated that Cambodia is willing to cooperate with the investigation if it sees solid evidence. At the same time, Do Sokha emphasized that it would not shelter any lawbreakers, "but the Cambodian government itself has not accused Prince Group or Chen Zhi of any wrongdoing."

Regardless, the Chen Zhi and Prince Group incident has continued to unfold like a tsunami in Cambodia. A local Chinese media professional said his friends have been discussing the incident recently, and Cambodian citizens have been posting messages on social media, saying they've seen Chen Zhi's true colors and calling for him to be "eradicated" and "arrested."

Chen Zhi's whereabouts are currently unknown, and the information on his Prince Group's official website also stopped at April 2025. The most recent news item was titled "Prince Group won the silver medal of the "Chen Zhi Scholarship" to help popularize education in Cambodia."

The official website of Prince Group does not disclose any external contact numbers, only an email address. Jiemian News sent an interview request to Prince Group through this email address, but received no response as of press time. An employee claiming to have previously worked in Prince Group's branding department told Jiemian News that Chen Zhi had been involved in a wide range of projects within the group, including both legitimate businesses and shady and even illegal operations, but that grassroots employees had limited knowledge of the matter. After the case was exposed, some former employees feared being implicated, leading to widespread panic.

Following this incident, fearing the disappearance of their virtual currency holdings with Huiwang, many Cambodian citizens lined up at Huiwang's offline branches to withdraw cash. Some, unable to wait, resorted to other channels, offering a 10% discount to redeem their cash quickly.

On the afternoon of October 17, a Chinese woman waited in line for three hours at a bank in Phnom Penh before finally withdrawing cash. She filmed the crowded queue and told the next person to withdraw cash to bring some food and a bench, saying, "There are too many people."