What specific cyber fraud is Chen Zhi accused of?

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Chen Zhi Accused of Orchestrating Broad Cyber Fraud Operations

Chen Zhi is accused by the United States Justice Department of orchestrating fraudulent operations that resulted in the seizure of approximately US$15 billion (RM63 billion) worth of Bitcoin. These allegations form the basis of a "sprawling cyber fraud empire" reportedly masterminded by Chen, which also involved the exploitation of forced labour to generate substantial illicit profits.
International Investigations Launched

Following the accusations, Singapore and Thailand have initiated their own investigations into Chen Zhi and his associated conglomerate, Prince Holding Group. Singapore police confirmed they are examining the case and are in communication with international authorities. In Thailand, officials are collaborating with their US counterparts to assess whether any seized assets are linked to crimes committed within Thailand, with the intention of seeking their return if connections are established.
US and UK Actions Taken

The United States has formally charged Chen Zhi with orchestrating fraudulent activities that led to the significant seizure of Bitcoin. Concurrently, the UK government has imposed sanctions by freezing 19 properties linked to Chen, including a substantial office block valued at £100 million and a £12 million mansion in London.
Scrutiny in Singapore and Potential Thai Charges

Chen Zhi's alleged activities have also drawn scrutiny in Singapore, where a family office established by him and his associates in 2018 had reportedly received tax incentives from the Monetary Authority of Singapore (MAS). The MAS is currently reviewing these arrangements for any potential breaches of its requirements. Additionally, Thailand's Justice Ministry is reportedly considering filing criminal charges against Chen, including conspiracy to commit wire fraud and money laundering.

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What specific cyber fraud is Chen Zhi accused of?

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