Chinese authorities have taken custody of Chen Zhi, a businessman described by U.S. officials as a central figure in a major Bitcoin scam and money laundering operation linked to a record $15B bitcoin seizure. Chen, 38, is the chairman and founder of Cambodia-based Prince Group, a conglomerate that U.S. and U.K. authorities allege was used as cover for transnational criminal activity; Prince Group has denied the allegations.

Pig-butchering scams, a form of long‑con crypto investment fraud, have exploded from a niche consumer issue into a major national security threat, according to Chainalysis and financial crime experts. In these schemes, scammers build trust over weeks or months—often via online romance or friendship—before steering victims into fake cryptocurrency investment platforms and draining their funds.