Kasus Bitcoin senilai 14 miliar dolar AS: Chen Zhi dari Grup Taizi ditangkap, skandal penipuan mata uang digital mengungkap pertarungan kekuasaan antara AS dan China

Cryptocurrency scam cases have emerged endlessly in recent years, but cases involving hundreds of millions of dollars in assets, crossing three countries’ law enforcement, and affecting US-China diplomacy are unprecedented. The arrest and deportation of Chen Zhi, founder of the Taizi Group, has brought a massive international scam case into the spotlight, while the ownership dispute over the 127,271 Bitcoins he controls has evolved into a political game between two major powers over digital asset regulation.

Cross-border Investigation Concludes: Chen Zhi Detained in Cambodia, Extradited to China

Earlier this month, Chen Zhi, founder of the Taizi Group, was arrested by authorities in Cambodia and subsequently extradited to China. The Cambodian Ministry of Interior announced that this arrest was the result of months of joint transnational criminal investigation and was carried out at the request of Beijing authorities, though specific charges faced by him in China were not disclosed.

It is noteworthy that Chen Zhi’s identity has undergone multiple changes. He renounced Chinese nationality in 2014 and became a Cambodian citizen. His Cambodian nationality was also revoked at the end of last year, rendering him stateless—a “stateless person”—adding legal complexity to the extradition process.

US Indictment: The Origin of the Scam Involving 127,271 Bitcoins

The US Department of Justice and the Treasury Department filed charges against Chen Zhi and the Taizi Group in October 2025, accusing them of wire fraud, money laundering, and forced labor, particularly targeting the organization and leadership of “pig butchering” scams. According to the US indictment, the seized crypto assets amount to 127,271 Bitcoins, which, at the current market price of $89,910, total over $11.4 billion, far exceeding the initial estimate of $14.2 billion. Additionally, the US authorities froze hundreds of millions of dollars in real estate and other assets under his name.

Digital currency scams differ from traditional scams due to their borderless and covert nature. After obtaining victims’ funds through false investments, dating scams, and other methods, criminals often convert the illicit gains into cryptocurrencies like Bitcoin, utilizing the pseudo-anonymous nature of blockchain to transfer and launder money, increasing the difficulty of tracking.

Bitcoin Cold Case: Hacker Claims vs. Scam Proceeds

As the case develops, fundamental disagreements have emerged between China and the US narratives.

In November 2025, China’s National Computer Virus Emergency Response Center suddenly disclosed that the source of the Bitcoins controlled by Chen Zhi was a mystery—over 120,000 of which were stolen from Chinese mining pools in 2020. More explosively, some of the stolen Bitcoins unexpectedly appeared on the US asset seizure list, implying that the US may hold stolen assets.

However, US authorities strongly deny this, insisting that all seized Bitcoins originate from Chen Zhi and related entities’ fraud and money laundering crimes, with no connection to any hacking incident. Both sides present their claims, but there is no independent third-party verification data publicly supporting either side.

Behind the Battle: Digital Currency Becomes a New Arena for Major Power Confrontation

This seemingly simple international criminal case has now escalated into a contest between the US and China over the regulation and discourse rights of digital assets.

On one hand, the US holds the judicial freeze authority over physical assets, allowing temporary control over Bitcoins; on the other hand, China controls Chen Zhi himself and disputes the ownership of the assets under the pretext of “hacking theft.” There is no clear winner in this contest—if the US ultimately gains control over the Bitcoins, it will be seen as an extension of dollar hegemony into the virtual asset realm; if China’s claim is confirmed, it could redefine the legal framework for cross-border crypto asset recovery.

Victims—ordinary people whose accounts were drained by pig butchering scams—are voiceless in this international standoff, with asset recovery seemingly impossible. Perhaps the greatest tragedy of digital currency scams is that technological progress has not only failed to protect the vulnerable but has also become a new stage for great power maneuvers.