Prince Group is laundering 10.7 billion NT dollars in Taiwan! Developing their own "OJBK Wallet" to connect with underground currency exchanges.

Taipei District Prosecutors Office investigates the “Prince Group” money laundering case in Cambodia, revealing that the Prince Group used USDT to transfer criminal proceeds into Taiwan for money laundering, and even developed the “OJBK Wallet” to connect underground exchange houses, facilitating cash withdrawals across multiple countries and creating breaks in the money flow.

The Taipei District Prosecutors Office concluded its investigation yesterday (4th), formally charging 62 individuals including the group’s leader Chen Zhi, 13 companies, under the Anti-Money Laundering Act, the Organized Crime Prevention Act, and gambling-related crimes. Chen Zhi faces a maximum sentence of 13 years, while core executive Li Tian is charged with 20 years. The total illegal money laundering amount exceeds 10.7 billion yuan, with assets seized including luxury goods, cars, mansions, and financial accounts valued at over 5.5 billion yuan.

According to investigations, Chen Zhi concealed the criminal proceeds by directing group members in China, Southeast Asia, and Taiwan to engage in cryptocurrency and online gambling activities. They established 250 offshore companies in 18 countries, holding 453 domestic and international financial accounts. Using these offshore companies under the group’s control, they fabricated false transaction contracts and laundered money through foreign exchange channels, transferring a total of 9.7 billion yuan into 16 Taiwanese company accounts for purchasing luxury homes and cars.

Furthermore, to enable the Prince Group’s criminal proceeds in cryptocurrency to flow into Taiwan and allow cash withdrawals across multiple countries while creating breaks in the money flow, Chen Zhi instructed members to develop the “OJBK Wallet,” linking water houses in Taiwan, Singapore, Japan, and other locations. They used USDT cross-border transfers to launder money, with members withdrawing over 629.92 million yuan in cash from water houses to buy luxury cars, jewelry, and cover expenses for the Prince Group in Taiwan.

According to the Liberty Times, OJBK employs a cold wallet architecture, requiring physical devices to sign transactions, making remote hacking difficult. It does not rely on exchanges or third-party platforms, effectively bypassing KYC (identity verification) and regulatory scrutiny. Coupled with underground exchange houses and coin mixing techniques, splitting transactions increases the difficulty of tracking the currency flow.

OJBK was developed by Cheng Wei Technology, a company established by the Prince Group in Taiwan, specifically tailored for high-level executives. Usage requires approval from the group’s highest leader in Taiwan, Li Tian. Its main functions are cash withdrawals and transfers.

When users withdraw cash, they simply select “Contact Customer Service” in the app, specify the amount, time, and location, and take a photo of a banknote with its serial number, uploading it via the wallet. The driver then retrieves cash from the water house and delivers it to the designated location. The withdrawal is verified by matching the uploaded serial number before handing over the money. For remittances, users must submit the recipient’s account details, and the backend contacts the water house to transfer funds through multiple dummy accounts, with the recipient then withdrawing the money from the water house.

$1.7 billion Bitcoin transfer! Prince Group’s Chen Zhi suspected of attempting to “cut off the money flow” to evade investigation.