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 the group’s leader Chen Zhi and 62 others, along with 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 group member Li Tian is sentenced to 20 years. The total illegal money laundering amount exceeds 10.7 billion yuan, with assets including luxury goods, cars, mansions, and financial accounts valued at over 5.5 billion yuan.
According to investigations, Chen Zhi concealed 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 controlled by the group, they created 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.
Additionally, to enable the Prince Group’s criminal proceeds in cryptocurrency to flow into Taiwan and be withdrawn as cash across multiple countries, Chen Zhi instructed members to develop the “OJBK Wallet,” linking water houses in Taiwan, Singapore, Japan, and other locations. They used USDT for 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 in Taiwan.
According to the Liberty Times, OJBK uses 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 checks. Coupled with underground exchange houses and coin mixing techniques, splitting transactions increases the difficulty of tracking the money 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 top 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. They upload this via the wallet. The driver receives the request, withdraws cash from the water house, delivers it to the designated location, and verifies the serial number uploaded by the user 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
The U.S. Department of Justice launches the OneCoin victim compensation program, with more than $40 million in assets available for claims
The U.S. Department of Justice has initiated a restitution process for victims of the OneCoin crypto Ponzi scheme. Victims who were harmed between 2014 and 2019 may apply for restitution, and more than $40 million is currently available. The scheme was launched in 2014 and resulted in more than $4 billion in losses for 3.5 million victims worldwide.
GateNews13m ago
RAVE’s hype surge triggers a flood of copycat coin mania, as FF and INX expose the “pump-and-dump” scheme
Recently, altcoins represented by RAVE have sparked a fierce investment craze, but some old star projects like FF and INX have used this wave of hype to carry out “pump-and-dump” operations—rapidly driving up coin prices to lure retail investors to buy, and then dumping them heavily, causing the price to plunge rapidly. Such behavior not only exposes the project team’s funding difficulties, but also damages investors’ trust. Investors need to stay alert to signals like abnormal short-term surges in order to avoid the risk of being manipulated by the market.
MarketWhisper39m ago
Encourage innovation! U.S. judges ban Arizona’s regulation of prediction markets and halt the prosecution of Kalshi
A U.S. federal district court ruled that Arizona is barred from using gambling laws to prosecute the prediction market platform Kalshi, finding that the Commodity Futures Trading Commission has exclusive jurisdiction. The ruling affects the boundary between state and federal authority in regulating financial markets, while Kalshi insists its business falls under financial products rather than traditional gambling. Rulings on prediction markets vary from state to state, and the Trump family has also expressed support for prediction markets.
CryptoCity1h ago
People’s Daily criticizes chaos in financial media outlets, calling out virtual currency referral activities by name
Gate News updates. On April 14, People’s Daily published an article titled “Disrupting the capital markets: these irregularities by finance-and-economics self-media accounts need to be on high alert,” which singled out and criticized certain accounts that drive users to virtual-coin trading by publishing false yield information such as “one hundredfold coins” and “making millions every month trading coins.” The article cites a notice previously issued by eight departments, including the People’s Bank of China, emphasizing that business activities related to virtual currencies constitute illegal financial activities. The article states that accounts and platforms suspected of providing referral traffic and technical services for illegal virtual currency trading may violate laws and regulations and could threaten financial security and anti–money laundering efforts.
GateNews2h ago
Can bypass Financial Supervisory Commission (FSC) rules to buy crypto with credit cards? ODC pushes a Wallet Pro service for buying crypto with U.S. debit cards
OdinDentis (Odinting?) launched the OwlPay and Wallet Pro services, focusing on B2B cross-border payments. By combining stablecoin technology with international financial systems, it showcases its fintech transformation. Through its partnership with MoneyGram, Wallet Pro enables cross-border transfers of stablecoins purchased with cash, and operates in the U.S. market. The company’s overseas model bypasses Taiwan’s strict regulation and, under the new draft law, challenges the market competition landscape; in the future, it will affect local operators’ compliance strategies.
CryptoCity2h ago
FBI teams up with Indonesia to dismantle W3LL phishing network, with more than $20 million involved
The U.S. FBI and Indonesian police successfully cooperated to dismantle a W3LL phishing network, seizing related equipment and detaining suspects. The W3LL phishing toolkit offers low-priced fake login pages that use man-in-the-middle attacks to easily bypass multi-factor authentication, forming an organized cybercrime ecosystem. This operation marks cooperation between the U.S. and Indonesia in law enforcement against cybercrime; however, the security threats to cryptocurrency users remain severe.
MarketWhisper4h ago
