Core Insights - The U.S. Department of Justice announced the seizure of 127,271 bitcoins controlled by Chen Zhi, founder of the Prince Group, valued at approximately $15 billion, marking the largest asset freeze in cryptocurrency history [1] Group 1: Background of Chen Zhi and the Prince Group - Chen Zhi, born in 1987 in Fujian, China, transitioned from a net cafe owner to a transnational crime figure, establishing a complex network of illegal activities over a decade [3][5] - In 2011, Chen Zhi founded Hengxin Real Estate in Cambodia, capitalizing on the post-war reconstruction and chaotic real estate market [5] - The establishment of the Prince Group in 2015 marked the beginning of a diversified business empire, including casinos, shopping centers, and banks, while simultaneously building a criminal network [5][6] Group 2: Criminal Activities and Operations - The Prince Group operated an online gambling network targeting Chinese citizens, with illegal profits exceeding 5 billion yuan [6] - Following Cambodia's gambling ban in 2020, Chen Zhi shifted focus to telecom fraud, creating multiple scam centers that exploited hundreds of victims [8][10] - The organization employed a sophisticated management system akin to legitimate businesses, with detailed operational protocols for scamming victims [10][11] Group 3: Financial Growth and Asset Accumulation - Over ten years, Chen Zhi's wealth expanded exponentially, acquiring luxury properties and assets, including a £12 million villa in London and a $24 million yacht [10] - The Prince Group utilized cryptocurrency for money laundering, employing techniques to obscure the flow of funds until blockchain analysis revealed their operations [11][22] Group 4: Political Connections and Protection - Chen Zhi's political connections in Cambodia provided a protective shield for his criminal activities, allowing him to evade law enforcement through bribery and political donations [11][14] - The organization expanded its network across over 30 countries, forming a symbiotic relationship between crime, power, and capital [11][14] Group 5: Legal Consequences and Future Implications - The seizure of $15 billion in assets highlighted vulnerabilities in the Prince Group's operations, particularly their reliance on cryptocurrency for laundering [22] - The U.S. exercised jurisdiction based on the impact of the fraud on American citizens, leading to significant legal repercussions for the Prince Group and its affiliates [22] - The ongoing investigations and asset freezes indicate a potential unraveling of Chen Zhi's protective network, suggesting that his criminal empire may be facing imminent collapse [22]