Cambodia extradites Chen Zhi to China in alleged $14bn cryptocurrency scam case

BBC
BBC
37m ago
Cambodia extradited billionaire businessman Chen Zhi to China in a case involving alleged large-scale cryptocurrency scams and forced-labour scam compounds.
Cambodia extradites Chen Zhi to China in alleged $14bn cryptocurrency scam case
A What happened
Cambodia said it arrested three Chinese nationals, including Chen Zhi, on 6 January and extradited them to China. Chen Zhi has been accused of masterminding a vast cryptocurrency scam in which trafficked workers were lured to forced labour camps to defraud victims globally. The US charged Chen Zhi in October with running internet scams from Cambodia and alleged billions in cryptocurrency were stolen, and the US Treasury Department seized about $14bn worth of bitcoin it alleged belonged to him. The UK sanctioned his business empire, Prince Group, which has denied involvement in scams.

Key insights

  • 1

    Trafficking-linked scam compounds operate in South East Asia: The UN estimate cited says hundreds of thousands of people have been trafficked to South East Asia and forced to run online scams under threats of punishment or torture.

  • 2

    Multiple governments have taken action against Chen Zhi and Prince Group: Cambodia extradited Chen Zhi to China, the US charged him and seized bitcoin it alleged belonged to him, and the UK sanctioned Prince Group.

Takeaways

Cambodia says Chen Zhi has been arrested and extradited to China while US and UK actions target alleged large-scale crypto scam activity linked to Prince Group and trafficking-driven scam operations.

Topics

Technology & Innovation Cybersecurity World & Politics Human Rights Law & Public Safety Crime & Justice

Read the full article on BBC

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