Prince Group Chairman Arrested in $150 Million Telecom Fraud Case, Bitcoin Seizure Impacts Market

Singapore authorities arrested Chen Zhi, chairman of Prince Group, on charges of transnational telecom fraud and crypto scheme. Over S$150 million worth of assets, including Bitcoin, have been frozen by police. The US Department of Justice also seized over $14 billion in Bitcoin linked to Chen’s activities. This major crackdown showcases the global impact of financial crime in the cryptocurrency sector. Market response has triggered concerns about illicit crypto use. Notably, despite seizures connected to this case, Bitcoin prices remain strong and stable.