Chinese tycoon linked to $11B 'pig butchering' bitcoin scam taken into custody

Cambodian officials say Chen Zhi was arrested in Cambodia at China’s request and extradited to China; US prosecutors had sought his arrest after seizing 127,271 bitcoin tied to alleged fraud totaling at least $11 billion.

Chen Zhi, a Chinese-born businessman who had been sought by US prosecutors, was arrested in Cambodia at the request of Chinese authorities and extradited to China, Cambodian officials said. US authorities had announced an effort to arrest him after seizing 127,271 bitcoin that they said were linked to alleged fraud. It is not yet clear whether Chinese authorities plan to indict Chen or whether he could be transferred to face charges in the United States. The case has drawn attention because of the large amount of cryptocurrency involved and prior public prosecutors’ actions. What officials reported: - Cambodia’s interior ministry said Chen was arrested at the request of the Chinese government and was extradited to China. - The US Justice Department had sought Chen’s arrest on charges including wire fraud and money laundering after seizing 127,271 bitcoin. - Chinese intentions to file charges and any transfer to US custody remain unclear, and China and the US do not have a formal extradition treaty. Summary: The arrest places Chen in Chinese custody following US efforts to hold him on alleged fraud and money-laundering charges related to seized bitcoin. Undetermined at this time.