Crypto fraud ringleader arrested in Cambodia

Chinese-born tycoon Chen Zhi has been arrested in Cambodia on charges of financial fraud. He was later extradited to China. He is wanted in the United States on charges of multi-billion dollar cryptocurrency, online fraud and money laundering. According to local media reports, Cambodian authorities have arrested Chen along with two other Chinese nationals, Xu Zhiliang and Shao Zhihui, and sent them to China.
The US Department of Justice has described Chen’s company, Prince Holding Group, as one of the largest transnational criminal organizations in Asia. Cambodian authorities said the arrests were made at China’s request and as part of a long-term joint investigation. Chen’s Cambodian citizenship was revoked in December.
According to US charges, the workers were forced to work at compounds run by Chen. They were forced to engage in cryptocurrency fraud known as piggybacking. These schemes have caused billions of dollars in losses to victims worldwide. Chen could face up to 40 years in prison if convicted of wire fraud and money laundering conspiracy charges.