The post Singapore Freezes $150M Linked to Alleged Bitcoin Fraud Mastermind appeared on BitcoinEthereumNews.com.

Rongchai Wang
Nov 01, 2025 12:41

Singapore authorities freeze $150M in assets linked to Chen Zhi amid a $14.4B Bitcoin fraud investigation. The move follows international enforcement efforts against the alleged criminal network.

Singapore’s law enforcement has frozen over S$150 million (approximately $106 million) in assets associated with Chen Zhi, the Chinese-born chairman of Cambodia’s Prince Holding Group. This action, part of a larger international enforcement effort, targets a vast range of properties, including bank accounts, securities holdings, luxury vehicles, and even a yacht, according to CryptoNews. Global Crackdown on Fraud Network The crackdown is part of a coordinated effort that began in mid-October, involving authorities from the U.S. and UK. They have announced criminal charges against Chen Zhi and are working to seize around $14.4 billion in Bitcoin, which prosecutors claim is linked to one of Asia’s most sophisticated fraud operations. Chen’s conglomerate, Prince Holding Group, which was founded in 2015, is formally involved in real estate, finance, and hospitality sectors across over 30 countries. However, allegations suggest that the organization has evolved into a criminal empire, luring individuals with fake job offers and forcing them to participate in ‘pig butchering’ scams—long-term frauds that trick victims into investing in fraudulent crypto trading platforms. Financial Web of Deceit U.S. court documents detail how the network allegedly laundered its illicit gains through over 100 shell companies, routing funds via crypto exchanges and mining operations before converting them into Bitcoin. Investigators have traced at least $18 million from more than 250 U.S. victims through New York-based entities, representing a small fraction of the billions funneled back to Cambodia. In a significant move, the U.S. Treasury’s Office of Foreign Assets Control has sanctioned 146 individuals and entities linked to the Prince Group. Simultaneously, the Financial…

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Filed under: News - @ November 2, 2025 1:26 am