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On October 14-15, 2025, US and UK authorities charged Chen Zhi, head of Cambodia's Prince Group, with wire fraud and money laundering tied to forced-labor "pig butchering" scams. The operation used trafficked workers in compounds to defraud victims globally, seizing 127,271 bitcoin worth $15 billion and freezing UK properties. Chen remains at large, facing up to 40 years in prison.
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US and UK authorities have sanctioned Prince Holding Group and its chairman Chen Zhi, accusing them of operating a transnational criminal network involved in online scams, money laundering, and forced labor. The US seized over US$15 billion in bitcoin, and assets in the UK and Singapore have been frozen. The case highlights extensive allegations of fraud and exploitation across Southeast Asia.
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US President Donald Trump is in Southeast Asia for a series of summits, including ASEAN and APEC, aiming to boost economic ties, oversee a peace deal between Thailand and Cambodia, and meet Chinese President Xi Jinping. The trip highlights US-China rivalry and regional security concerns.
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North Korea has condemned US sanctions targeting cybercrime networks linked to its regime, asserting that these measures will not alter its strategic stance. Meanwhile, the US and allies have imposed new sanctions on North Korean hackers and financial entities accused of laundering over $3 billion to fund nuclear programs, amid ongoing diplomatic stalemates.
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Coinbase's listing activity remains unpredictable, with smaller, more selective additions compared to 2021. Meanwhile, illicit activities involving stablecoins and money laundering networks linked to Cambodia and Russia are rising, challenging enforcement efforts and global financial security.
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Chinese authorities have detained and extradited Chen Zhi, founder of Prince Group, from Cambodia to China. The move follows international investigations into his alleged role in operating large online scam centers, trafficking workers, and defrauding victims globally. The Cambodian government confirmed the extradition amid mounting pressure from China and Western nations.