Chen Zhi / Prince Group
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anchored·21Vh8S…qteCSummary
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)
2015
Prince Holding Group founded. DOJ alleges criminal scam operations began around this time.
DOJ Press ReleaseDecember 2020
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 analysisFebruary 2021
LuBian bitcoin mining company ceases operations and disappears.
Elliptic: $15 billion seized by US originates from Iran/China bitcoin miner 'theft'April 2023
Chen Zhi travels to the United States despite ongoing federal investigation.
TRM Labs: Operation PrinceJune 2024
Renewed on-chain wallet activity observed in Bitcoin wallets linked to LuBian/Prince Group funds, correlating with DOJ seizure preparation.
TRM Labs: Operation Prince8 October 2025
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 Release14 October 2025
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 Cambodia15 October 2025
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 Watch28 November 2025
South Korea imposes sanctions on Prince Group, joining the United States and United Kingdom.
CNBC29 November 2025
East Asia Forum publishes analysis of Prince Group's transnational criminal networks.
East Asia Forum6 January 2026
Chen Zhi is arrested in Cambodia. Cambodia revokes his citizenship. He is extradited to China at the request of Chinese authorities.
CNN / OCCRP9 January 2026
Bloomberg publishes profile of Chen Zhi detailing his background and alleged criminal operations.
Bloomberg16 January 2026
Chinese police publicly announce that Prince Group-linked individuals have until February 15, 2026 to surrender.
Malay Mail11 March 2026
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 Briefing19 March 2026
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 (1 event). 21 of 22 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 6/17/2026, 5:08:30 PM
last updated: 7/26/2026, 11:10:25 PM
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