Hong Kong High Court Freezes HK$8.9 Billion in Prince Group Assets, Seizes Founder's Spouse's Bitcoin
US prosecutors have accused Prince Group founder Chen Zhi of operating scam compounds in Cambodia that lured victims through fraudulent cryptocurrency investment platforms and laundered money through a cross-border financial network. The United States and Britain jointly imposed sanctions on related individuals and entities on October 14, 2025. Hong Kong's judicial freeze shows that the investigation has expanded from criminal allegations to the preservation of assets across borders.
On May 4, 2026, the Hong Kong High Court approved an application by the Department of Justice under the Organized and Serious Crimes Ordinance and issued interim restraint orders against Chen Zhi, his spouse Zhou Yun, two other individuals and 38 companies, freezing a total of HK$8.938 billion. Assets held by Chen totaled about HK$6.427 billion, while Zhou held about HK$2.019 billion, including currencies and Bitcoin worth a combined HK$15.92 million across 11 personal accounts. The case is scheduled to return to court on August 3.
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The history behind this eventTaipei Prosecutors Conclude Prince Group Probe, Allege Over NT$10 Billion Laundered Through OJBK Wallet
Cambodia’s Prince Group is accused of establishing a transnational money-laundering network in Taiwan and developing its own “OJBK Wallet” to connect cryptoasset cash-out services with underground remittance channels. The case highlights how criminal organizations use virtual-asset tools to transfer and conceal vast sums, while testing Taiwan’s ability to trace cross-border money flows and confiscate criminal proceeds.
The Taipei District Prosecutors Office concluded its investigation in July 2026, indicting alleged group leader Chen Zhi and 61 others. Prosecutors put the total amount laundered in Taiwan at more than NT$10.7 billion and sought the maximum sentence allowed by law for Chen. They have also seized luxury homes, high-end vehicles and other assets worth more than NT$5.5 billion. The courts will determine the defendants’ criminal liability and whether the proceeds should be confiscated.
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