Cambodia has announced the extradition of billionaire businessman Chen Zhi to China, where he is accused of masterminding a significant cryptocurrency scam that reportedly involved the exploitation of trafficked workers.
Chen, along with two other Chinese nationals, was arrested on January 6 following a months-long investigation into transnational crime. The U.S. has charged Chen, citing his operation of internet scams that exploited victims worldwide and led to the theft of billions in cryptocurrency.
The U.S. Department of Justice alleges Chen's operations resulted in the seizure of approximately $14 billion worth of bitcoin, prompting extensive sanctions from both U.S. and U.K. authorities against his conglomerate, Prince Group.
Prosecutors described this case as one of the largest financial takedowns in history and noted that Chen had been out of sight since his indictment in October.
On Wednesday, Cambodian authorities revealed the extradition of Chen and his associates, although details about their detention were not disclosed. Chen's Cambodian citizenship was revoked last month, which he had acquired in 2014 after renouncing his Chinese nationality.
Chen's company, Prince Group, has faced scrutiny for its involvement in online fraud, with estimates suggesting that scam businesses contribute significantly to Cambodia's economy. The U.N. has reported widespread trafficking in the region, with many victims forced into fraudulent activities under threat of violence.
This extradition marks a critical step in addressing the alarming rise of scam operations throughout Southeast Asia, where individuals are often lured by false job promises only to find themselves trapped in illegal schemes.
