China confirms extradition of Chen Zhi
Change
China confirmed on 8 January that Chen Zhi was extradited from Cambodia to China.
Why it matters
Chen Zhi was arrested in Cambodia in January and extradited to China, Beijing confirmed on 8 January. The US has indicted Chen on alleged multibillion-dollar fraud and the US Department of Justice seized $15bn in bitcoin linked to him. Singapore seized S$500m and Taiwan seized more than T$5.5bn in assets allegedly related to Prince Group. The Jin Bei casino in Sihanoukville is shuttered with its signage covered and its doorway blocked.
Implications
- • Chinese prosecutors and detention authorities control charging, detention, and trial decisions for Chen Zhi.
- • US Department of Justice custody over $15bn in bitcoin places those crypto assets under US asset-forfeiture control.
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