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Founder of Transnational Fraud Network Chen Zhi Approved for Arrest; $150B in Bitcoin Seized

GateNews
Enforcement ActionsSecurity Incidents
BTC1.09%
According to Caixin and China's Ministry of Public Security, Chen Zhi, founder of a transnational telecom fraud operation, was officially approved for arrest on July 6, 2026. The criminal charges against him were updated following his extradition from Cambodia in January; he now faces accusations including operating illegal gambling operations, fraud, unlicensed business operations, copyright infringement, and intentional injury. The original charges of concealing criminal proceeds were removed. Authorities disclosed that over several years, Chen Zhi built a global telecom fraud network centered on a facility referred to as the 'Golden Shell Park,' generating massive illicit proceeds. U.S. law enforcement seized approximately $150 billion worth of Bitcoin linked to his operation.
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