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.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
DOJ Launches Compensation Process for OneCoin Fraud Victims, $40M+ in Recovered Assets Available
Gate News message, April 22 — The U.S. Department of Justice has announced the launch of a compensation process for victims of the OneCoin cryptocurrency fraud scheme, with more than $40 million in recovered assets now available for distribution.
The scheme, operated between 2014 and 2019 by Ruja
GateNews1h ago
UK FCA Conducts Coordinated Raids on Illegal P2P Crypto Trading Sites in London
FCA raids eight London sites tied to unregistered P2P crypto trading, issuing cease-and-desist notices. Evidence points to money-laundering and terror-financing probes; no P2P platform is FCA-registered; enforcement signals a tougher AML crackdown.
Abstract: The FCA, with tax authorities and police, conducted surprise raids at eight London sites linked to unregistered peer-to-peer crypto trading, issuing cease-and-desist notices. The operation underpins ongoing money-laundering and terrorist-financing probes. No P2P platform is FCA-registered in the UK. Analysts view the action as a shift from statements to enforcement, signaling potential broader crackdowns under AML and financial-promotion rules for crypto assets, which remain high-risk investments.
GateNews2h ago
AI16Z, ELIZAOS Creators Sued Over $2.6B Fraud Allegations; Token Crashes 99.9% From Peak
Federal class action accuses AI16Z/ELIZAOS of a $2.6B crypto fraud via fake AI claims and deceptive marketing, alleging insider favoritism and a staged autonomous system; seeks damages under consumer protection laws.
Abstract: This report covers a SDNY federal class-action filed April 21 accusing AI16Z and its rebrand ELIZAOS of a $2.6 billion crypto fraud involving fake AI claims and deceptive marketing. The suit alleges a manufactured link with Andreessen Horowitz and a non-autonomous system. It details a peak valuation in early 2025, a 99.9% crash, and about 4,000 losing wallets, with insiders receiving ~40% of new tokens. Plaintiffs seek damages and equitable relief under New York and California consumer-protection laws. Regulators in Korea and major exchanges have warned or suspended related trading.
GateNews2h ago
North Korean Lazarus Group Deploys Mach-O Man Malware to Steal Crypto Wallet Credentials from macOS Users
Lazarus releases Mach-O Man for macOS to steal keychain data and wallet credentials, targeting crypto executives via ClickFix pop-ups and compromised Telegram meetings.
Abstract: The article reports that the Lazarus-linked Mach-O Man malware targets macOS to exfiltrate keychain data, browser credentials, and login sessions to access cryptocurrency wallets and exchange accounts. Distribution relies on ClickFix social engineering and compromised Telegram accounts directing victims to fake meeting links. The piece ties the operation to the April 20 Kelp DAO hack and identifies TraderTraitor as Lazarus-affiliated, noting rsETH movement across blockchains via LayerZero’s OFT standard.
GateNews4h ago
Ripple CEO Garlinghouse Signals 75% Confidence in Legal Resolution by End of April
Ripple CEO Garlinghouse says there is about a 75% chance of a final resolution by end of April, signaling progress in the long-running case and its broader implications for digital asset regulation.
GateNews4h ago
Privacy Protocol Umbra Shuts Down Frontend to Block Attackers from Laundering Stolen Kelp Funds
Gate News message, April 22 — Privacy protocol Umbra has shut down its frontend website to prevent attackers from using the protocol to transfer stolen funds following recent attacks, including the Kelp protocol breach that resulted in losses exceeding $280 million. Approximately $800,000 in stolen
GateNews8h ago
