When the multinational crime network controlled by Prince Chen Zhi of Cambodia was named by the UK and the US, it was not only a strike against a fraud group but also a mirror reflecting the global underground capital system. His empire spans scam parks, underground banks, bitcoin mines, offshore companies, and luxury assets, ultimately exposing a new structure spreading globally - 'Spider Web Capitalism 2.0'.
The so-called 'Spider Web Capitalism 2.0' is the advanced version of traditional offshore finance in the blockchain era:
Offshore Capitalism × Cryptocurrency × Southeast Asia's Special Environment.
In the past, the wealthy and powerful needed complex structures like the Cayman Islands and Swiss accounts to hide assets; now, an anonymous wallet and a few stablecoin jumps can complete stealth transfers that the past banking system could not achieve—on-chain has become the new generation of 'decentralized offshore center.'
In Southeast Asia, this model has been drastically amplified.
Weak local regulation, an imperfect financial system, and a thriving underground economy, coupled with large cash flows from gambling and fraud parks, make this a natural testing ground for offshore capital, crypto assets, and gray industries.
This is precisely the reason for the expansion of the Chen Zhi empire:
Fraud funds → Underground money houses → Stablecoins → BTC → Offshore companies → Luxury homes/cigar equity → Reflow
Forming a nearly closed-loop multinational money laundering system.
Most incredibly, the Chen Zhi Group has controlled 50% of the global Cuban cigar giant Habanos through a multi-layer offshore structure, laundering on-chain funds into luxury goods businesses and global real estate, creating the illusion of a 'legal capital empire.'
But blockchain is not an everlasting umbrella.
On-chain transparency ultimately becomes the key to destroying the entire system.
Law enforcement agencies in the US and UK track Bitcoin fund flows on-chain, tracing back to mining wallets, the OTC network of Huibang Group, and then back to shell companies in Hong Kong, European real estate, and cigar assets, ultimately achieving multinational locking.
This case serves as a wake-up call for the entire Web3 world:
Decentralization can hide funds but cannot hide footprints.
On-chain is a tax haven and also the strongest weapon against money laundering globally.
Spider web capitalism 2.0 may have utilized blockchain for self-upgrading, but it will also face liquidation in on-chain transparency.
