CryptoKane

From Humble Beginnings to a $75 Billion Empire Built on DeceptionIn the shadowy underbelly of the crypto world, few stories rival the audacious ascent and dramatic downfall of Chen Zhi. Once hailed as a self-made billionaire with a net worth estimated at $75 billion in 2024, Chen now faces the death penalty in China for orchestrating one of the largest scam operations in history. This is the full chronicle of his empire — built on human trafficking, romance scams, and cryptocurrency laundering — and how it all came crashing down.

Early Days: A Move to Cambodia (2011–2014)Chen Zhi’s story begins modestly. At just 24 years old, he left his home in Fujian Province, China, and headed to Cambodia in pursuit of real estate opportunities. Within three years, he secured Cambodian citizenship, positioning himself as an ambitious entrepreneur in Southeast Asia’s booming economy. On the surface, it seemed like a classic tale of a young businessman chasing dreams abroad.(Image: A young Chen Zhi in Cambodia, symbolizing his early ambitions — sourced from public records.)

Building the Foundation: Prince Holding Group (2015)By 2015, Chen founded Prince Holding Group, which quickly grew into one of Cambodia’s largest conglomerates. The company spanned real estate, banking, finance, and tourism. But beneath this legitimate facade, Chen was constructing something far more sinister: fortified compounds designed for forced labor. These facilities, surrounded by high walls and barbed wire, housed workers in cramped dormitories from which escape was impossible.(Image: Aerial view of one of Chen’s compounds, highlighting the prison-like security measures.)

The Scam Empire Scales Up (2018–2020)As the operation expanded, it descended into outright inhumanity. Two of Chen’s facilities alone operated 1,250 phones each, managing a staggering 76,000 social media accounts. Victims were trafficked under false promises of legitimate jobs, only to be enslaved and forced into running elaborate romance scams. The daily revenue from these activities? A mind-boggling $30 million — translating to over $10.8 billion annually.Chen’s schemes preyed on the vulnerable, exploiting human emotions for profit while his workers endured torture and confinement.

Crypto Laundering and Personal Wealth (2020)By 2020, Chen had amassed an enormous cryptocurrency fortune, personally controlling 127,271 Bitcoin (BTC) in wallets — valued at around $15 billion at current prices. He laundered these funds through more than 100 shell companies across 12 countries. To shield himself, Chen bought influence at the highest levels: government advisors, diplomatic passports, and lavish gifts like $3 million yachts to officials.This period marked the peak of his untouchability, where crypto’s anonymity fueled his criminal enterprise.(Image: Visualization of Bitcoin wallets and laundering networks associated with Chen Zhi.)

The Absurd Heights of Wealth (2017–2024)Chen’s empire grew to absurd proportions. His assets included a $16 million mansion in London, a $133 million office building, a 53-meter yacht, private jets, and even a 25% stake in Cuba’s national cigar company, valued at $2.8 billion. By 2024, his total net worth was estimated between $60 and $75 billion — all funded by exploitation, torture, and theft.It was a fortune rivaling the world’s top tech moguls, but rooted in the suffering of thousands.(Image: Chen Zhi’s luxury yacht, emblematic of his extravagant lifestyle.)

The Beginning of the End (October 2025)The facade began to crack in October 2025. The United States and United Kingdom imposed sanctions on Chen, 146 of his associates, and over 100 companies. In a historic move, the US seized $14 billion in BTC — the largest forfeiture in American history. Other nations followed suit: Singapore froze $115 million, Hong Kong $353 million, Taiwan $580 million, and the UK over $100 million.Chen’s global network started unraveling as international pressure mounted.

Citizenship Revoked and Protection Vanishes (December 2025)By December 2025, Cambodia revoked Chen’s citizenship, stripping him of the protections he had cultivated for years. The diplomatic passport, secured through millions in bribes (including luxury watches), became worthless. Overnight, the alliances he had bought evaporated, leaving him exposed.
Arrest and Extradition (2026)In early 2026, Chen was arrested in Cambodia and extradited to China. Chinese state TV aired dramatic footage of him, handcuffed and hooded, being dragged off a plane by security forces. The Ministry of Public Security labeled him the “ringleader of a major cross-border gambling and fraud syndicate.”(Image: Still from state TV broadcast showing Chen Zhi’s arrest and extradition.)
The Present: Awaiting JusticeToday, Chen sits in Chinese custody, with no trial date set. Investigations could drag on for months or years. Meanwhile, UN reports reveal the horrifying scale of similar operations: over 100,000 people trapped in Cambodia’s scam compounds and 120,000 in Myanmar.Chen Zhi’s story is a stark reminder of the dark side of cryptocurrency — where anonymity can enable unimaginable crimes. What do you think will happen to him? Will justice prevail, or will remnants of his empire persist?If you’ve encountered similar scams or have thoughts on crypto regulation, share in the comments below. Follow for more deep dives into the crypto world’s untold stories.This article is based on publicly available information and reports. Always verify sources and protect yourself from scams.