Who is Chen Zhi ?
The United States government is charging Chen Zhi, the founder and chairman of Prince Holding Group, with alleged cryptocurrency investment fraud described as one of the largest cases in history. Chen is accused of conspiracy to commit fraud and money laundering, as well as exploiting forced labor to defraud thousands of investors worldwide.
Prosecutors claim that Chen, 38 years old, used the proceeds of crime to purchase luxury yachts, private jets, mansions, and even a Picasso painting. The US government also seized 127,271 bitcoins worth over US$14 billion, which are said to be used to compensate victims if the court allows.
In addition to criminal charges, the US and the UK have imposed sanctions on Prince Holding Group, a company involved in real estate and financial services. The US Department of the Treasury has designated the company as a transnational criminal organization.
