A high-profile legal dispute has intensified around Cambodia-based Prince Group and its chairman, Oknha Chen Zhi (also known as Vincent Chen), following U.S. criminal charges and the seizure of billions of dollars in digital assets. In an urgent statement issued November 11, the conglomerate categorically rejected all accusations linking the company or its chairman to unlawful activities, insisting the claims are unfounded and damaging to its operations and reputation across the region.
The core of the controversy involves the U.S. Department of Justice’s (DOJ) announcement on October 14, 2025, that it had filed criminal charges against Mr. Chen and seized approximately 127,000 Bitcoins, asserting the funds were illicit proceeds linked to him and Prince Group. Prince Group is now countering these claims with force, criticizing the allegations as a potential justification for the unlawful confiscation of assets now valued near US$15 billion.
Competing Narratives Over Bitcoin Ownership
Prince Group stated it has retained a prominent legal defense team, headed by Boies Schiller Flexner LLP, to pursue exoneration. This action comes after a report published by China’s state-affiliated Global Times on November 9, 2025, which introduced a technical analysis that directly contradicts the U.S. prosecution’s narrative.
The Global Times report cited findings from the China National Computer Virus Emergency Response Centre (CVERC), which reconstructed the history of the seized Bitcoins. According to CVERC, the funds in question originated from a major breach of the LuBian mining pool on December 29, 2020. This attack resulted in the theft of roughly 127,272 Bitcoins, which CVERC attributes to Mr. Chen.
Key points from the CVERC analysis suggest the assets were stolen, not accrued illegally:
- Cyberattack Victim: Mr. Chen and Prince Group reportedly used on-chain messages in 2021 and 2022 to appeal for the return of the stolen coins, even offering a bounty, but received no reply.
- Atypical Cyberbehavior: The stolen Bitcoins remained untouched in an attacker-controlled wallet for nearly four years, a pattern CVERC suggests is inconsistent with ordinary cybercriminals seeking rapid profit. The centre characterized the dormancy as indicative of a “state-level hacking organisation.”
- Asset Traceability: The CVERC asserts that the seized assets match those stolen in the 2020 LuBian incident. This conclusion challenges the U.S. indictment’s foundation that the funds are illicit gains.
The funds were reportedly moved in June 2024 to a new wallet and subsequently transferred to final addresses that analytics platform ARKHAM identified as belonging to the U.S. government.
Legal and Regional Implications
Prince Group stressed that it has operated transparently and legally in Cambodia and across the region for over a decade, emphasizing its commitment to integrity and responsible investment. The company maintained that the allegations are severely damaging to its employees, partners, and the communities it serves through regional development projects.
In its public rebuttal, Prince Group expressed confidence that a full, factual review of the evidence will ultimately vindicate both the chairman and the organization. The ongoing dispute highlights the complex challenges associated with investigating high-value cryptocurrency thefts across borders and the difficulty of establishing clear ownership trails years after an initial breach.
The resolution of this case will set significant precedents, not only for corporate accountability in emerging markets but also for international cooperation and legal jurisdiction over massive, state-level cyber operations and digital asset recovery. Readers following this developing story should monitor announcements from both the DOJ and Prince Group’s legal team for further evidence presentation.