The chairman of the Cambodian Prince Group, Chen Zhitang, is in big trouble. The U.S. Department of Justice accused him of money laundering by establishing three shell companies in Japan and buying a luxury mansion in Tokyo as a financier. The most shocking part is that the U.S. has applied to freeze about $12 billion worth of Bitcoin he holds - this number sounds a bit outrageous, but it indeed violates U.S. AML laws.

According to the investigation, this guy is suspected of using criminal proceeds to engage in real estate development in Japan to cover up the source of the funds. Moving from Phnom Penh to a high-end apartment in Tokyo, with a monthly rent of several million yen, his standard of living has indeed improved. The BCH Group officially denies the allegations, stating that the investigation is unfounded, but now the US and UK have already imposed sanctions, and other countries are following suit with investigations.

This matter reflects a phenomenon: once large amounts of cryptocurrency are involved in crime, law enforcement agencies from various countries begin to collaborate. Whether the 12 billion dollars of Bitcoin can truly be frozen depends on subsequent legal procedures, but this case has already become a typical example of AML efforts in various countries.