What happened?
Singapore froze over S$150 million (about $106 million) in assets tied to Chen Zhi after coordinated enforcement actions on October 30. The seizures targeted properties, bank accounts, securities, a yacht, 11 vehicles and other items linked to Chen and his associates while U.S. and UK authorities moved to seize billions in Bitcoin related to the same alleged fraud network. Authorities say the moves are part of a global crackdown on a transnational “pig butchering” scam and its alleged money-laundering web.
Who does this affect?
Chen Zhi, his associates, and the many shell companies and mining operations tied to the Prince Holding Group are directly affected. Thousands of alleged victims, plus banks, crypto exchanges and custodians that handled suspicious funds, face fallout from the investigations and sanctions. The freezes and penalties also put pressure on partners, service providers and jurisdictions connected to the network, raising reputational and legal risks across the crypto and finance ecosystem.
Why does this matter?
This matters because large-scale seizures or movements of dormant Bitcoin can change supply dynamics and trigger sharp price swings or volatility in the crypto market. The case shows rising global enforcement and sanctions that will likely push exchanges and financial firms to tighten compliance, reducing liquidity for high-risk flows and increasing costs. Investors should expect more short-term market turbulence and longer-term regulatory pressure and risk premia for crypto-related businesses.