The United States indicts Chen Zhi, the leader of Asia's largest transnational criminal organization, for involvement in multi-billion dollar cryptocurrency fraud.

ChainCatcher news, according to official documents, the United States District Court for the Eastern District of New York formally indicted Chen Zhi (also known as "Vincent"), founder and chairman of the Cambodian conglomerate Prince Holding Group, on October 8, 2025. The indictment accuses Chen Zhi of developing Prince Group, which ostensibly operates in real estate and financial services, into one of Asia's largest transnational criminal organizations since 2015. By establishing at least 10 forced labor scam compounds in Cambodia, the group carried out cryptocurrency investment scams such as "pig-butchering," resulting in billions of dollars in losses for victims worldwide.

Prosecutors allege that Chen Zhi and his associates bribed foreign officials, used violence to protect their criminal activities, and laundered criminal proceeds through professional money laundering networks as well as Prince Group's online gambling and cryptocurrency mining businesses. As of 2020, Chen Zhi personally held approximately 127,271 bitcoins, and the U.S. government will seek to confiscate these assets. Chen Zhi is charged with conspiracy to commit wire fraud and conspiracy to commit money laundering. The case is currently being presided over by Judge Rachel P. Kovner.