On January 7, Chinese language state tv broadcast dramatic footage: a hooded, handcuffed man being escorted off a aircraft in Beijing. The prisoner was Chen Zhi, the 38-year-old founding father of Cambodia’s Prince Holding Group, accused of operating one in all Asia’s largest rip-off empires.
Cambodia had arrested Chen the day earlier than and extradited him to China, ending years of hypothesis about whether or not the well-connected tycoon would ever face justice. However as Chen’s downfall dominates headlines, one other thriller lingers: What actually occurred to his $15 billion in Bitcoin?
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The Report Seizure
When US prosecutors introduced in October 2025 that that they had seized 127,271 Bitcoin from Chen, they referred to as it a “file” cryptocurrency forfeiture. The US and UK coordinated sanctions in opposition to 146 people and entities linked to Prince Group—the biggest enforcement motion concentrating on cryptocurrency-enabled fraud. The message appeared clear: American justice had caught a crypto prison.
However in accordance with Beijing, the true story started 5 years earlier.
The 2020 Hack
In late December 2020, Chen’s Bitcoin mining pool suffered a devastating cyberattack. Greater than 127,000 Bitcoin—then value round $4 billion—vanished.
Chen was determined. In keeping with Chinese language state media, he posted over 1,500 messages providing huge bounties for the return of his funds. Nothing got here again.
Then got here October 2025. The US Justice Division unsealed an indictment in opposition to Chen and introduced the seizure of 127,271 Bitcoin. The quantity was practically an identical to what Chen had misplaced in 2020.
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“Not How Regular Hackers Behave”
In November 2025, China’s Nationwide Laptop Virus Emergency Response Middle (CVERC) launched a technical report on the incident. Their key discovering: the stolen Bitcoin remained fully dormant for practically 4 years earlier than shifting to new addresses in mid-2024.
“This habits is clearly inconsistent with typical hackers who urgently search to money out,” the report said. “The operational sample is extra in keeping with a state-level hacker group.”
The blockchain analytics platform Arkham Intelligence had tagged the final-destination wallets as belonging to the US authorities.
Du Guodong, a companion at Beijing Haotian Regulation Agency, advised a Chinese language media outlet that the US indictment didn’t disclose how authorities obtained Chen’s non-public keys. “This means the US authorities might have already stolen Chen’s Bitcoin by hacking methods as early as 2020,” he stated.
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Washington’s Silence
The Justice Division has not addressed China’s allegations. The DOJ indictment filed within the Jap District of New York particulars Chen’s alleged crimes extensively—rip-off compounds, compelled labor, cash laundering—however says nothing about how investigators accessed his cryptocurrency.
Bitcoin requires non-public keys to maneuver. Both Chen surrendered his keys, somebody near him did, or they have been obtained by different means. Chen has employed Boies Schiller Flexner to problem the seizure.
“Black Consuming Black”
Chinese language state media frames the case in stark phrases. Beijing Each day described the seizure as “黑吃黑 (black consuming black)“—criminals preying on different criminals.
“The US seized Chen Zhi’s Bitcoin with none point out of returning funds to international victims,” the paper wrote. “Behind the masks of ‘international police,’ they merely need to take a reduce for themselves.”
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The Forgotten Victims
Misplaced within the US-China sparring are 1000’s of rip-off victims. Chen’s Prince Group allegedly ran at the least 10 forced-labor compounds in Cambodia, coercing trafficked employees into “pig-butchering” romance scams. The Treasury Division estimates Southeast Asian rip-off operations stole at the least $10 billion from American victims final 12 months.
The seized $15 billion may, in idea, compensate many victims. However Washington has introduced no restitution plan.
Cambodia revoked Chen’s citizenship in December 2025. His Prince Financial institution has been ordered into liquidation. The empire collapsed in months.
Whether or not China’s accusations show correct might by no means be established. However the questions will linger: about state-sponsored hacking, crypto safety, and who controls the foundations within the digital monetary system.
Fifteen billion {dollars} sits traceable on the blockchain. The accused rip-off boss is behind bars. However the cash stays with a authorities that, in accordance with its rival, might have stolen it too.