Crypto scammer on the run with $1.8 billion in Bitcoin

Chen Zhi, chairman of Cambodia’s Prince Group, has become the central figure in one of the largest crypto fraud scandals on record

This week, U.S. authorities sanctioned him over his role in orchestrating vast “pig butchering” operations across Southeast Asia, where forced labor compounds were allegedly used to defraud victims around the globe. Arkham data confirms the scale of his digital fortune: addresses tied to Chen hold nearly 15,957 Bitcoin, worth around $1.77 billion at current prices.

On Arkham, the wallet cluster labeled chen-zhi-sanctioned shows a portfolio composed entirely of Bitcoin, with BTC trading near $110,700 at press time. Transfers reveal how his empire consolidated its holdings over years, with multi-thousand BTC inflows dating back three years

chen-zhi-sanctionedChin Zhi account movement. Source: ArkhamChin Zhi account movement. Source: ArkhamIn one transaction, almost 4,000 BTC, nearly $90 million at the time, was funneled into Chen-linked addresses. Another movement added more than 3,400 BTC, equivalent to $81 million.

Hunt for the crypto scammer takes a twist

The most eye-catching detail, however, is not only in the past. Just hours ago, Arkham flagged a movement of 4,999 BTC, worth more than $560 million, from an address connected to Chen. What unsettled analysts is that this wallet was not yet on the official sanction list, echoing the flows associated with the infamous LuBian syndicate earlier this year.

Chin Zhi account movement. Source: ArkhamChin Zhi account movement. Source: ArkhamIt suggests that while U.S. enforcement has captured a large share of the scam empire’s funds, significant pockets of Bitcoin remain mobile, and perhaps beyond immediate reach.

The U.S. Department of Justice has already seized more than 127,000 BTC linked to Chen’s network, a haul valued above $14 billion. It is the largest single crypto forfeiture in history, eclipsing even the Silk Road takedown. In total, the U.S. government now controls over $36 billion worth of Bitcoin, making it the world’s seventh-largest holder, with Chen’s seized fortune representing its biggest single source.

Chen Zhi himself remains at large, facing potential sentences of up to forty years if convicted. His wallets may be labeled and sanctioned, but as the Arkham charts show, some continue to stir. That activity points to a larger truth: the fight between regulators and rogue operators is no longer only in the courts or policy papers, but live on-chain, with millions of dollars moving across addresses in real time.