Recently, a major scandal exploded in the cryptocurrency and financial circles — the head of a certain criminal group in Cambodia #陈志 and his confidants actually opened a family office in Singapore, and it is said that they can enjoy tax benefits! 🤑#加密市场回调

📌 Core of the case

The U.S. prosecutors pointed out that the Prince Holding Group, controlled by Chen Zhi, is one of the largest multinational criminal organizations in Asia. They are suspected of using cryptocurrency #洗钱 with amounts reaching tens of billions of dollars! According to documents, Chen's criminal network had controlled 1250 mobile phones and 76,000 social media accounts, used forced labor in Cambodia, and carried out so-called 'pig butchering' scams on thousands of victims worldwide — first coaxing investors to increase their investments, then absconding with all the funds.

📌 The Intrigues Behind Singapore Family Offices

Chen Zhi and his important assistant Chen Xiuling opened a family office in Singapore—DW Capital Holdings Private Limited, established in 2018. It is said that this office can obtain a 13-fold tax incentive provided by the financial regulatory authority, specifically managing finances, real estate, taxes, and legal compliance for super-rich families.

Chen Zhi is the founder and chairman, and Chen Xiuling has served as CFO since 2021. The Monetary Authority of Singapore (MAS) also stated that they are investigating whether this company has violated Singapore's regulatory requirements. DW Capital has not responded for now.

Once this issue arose, many people began to pay attention to Singapore—after all, in the largest money laundering case previously, some people were able to obtain tax exemptions through family offices. Friends in the crypto space should also be careful; tax havens may not be as safe as they seem.

Chen Xiuling was an independent director of the live streaming platform 17LIVE supported by Temasek. She resigned on October 16. According to the company's response, she was recommended for the position through a 'reverse listing' process, and the company conducted routine due diligence, but only learned of her connection with Chen Zhi when the media reached out for an interview. 17LIVE emphasized that the company has never had business dealings with DW Capital, Chen Zhi, or Chen Xiuling, and Temasek was not involved in her appointment.

However, the public is quite sensitive about the role Temasek may play in such business relationships, especially when it comes to cross-border capital flows and cryptocurrencies.

📌 Real Estate Investment Landscape


The Prince Group had previously planned a $16 billion "REAM CITY" project in Sihanoukville, Cambodia, in collaboration with Singaporean companies. The project involved Surbana Jurong providing planning, design, and coastal engineering services. The company responded that the project ended as early as 2022, and they do not hold shares or participate in operations, and there is currently no collaboration.

Additionally, Ascott Ltd., a subsidiary of CapitaLand supported by Temasek, is entrusted to manage two hotels in Cambodia but does not hold shares and is conducting due diligence.

In addition to family offices, Chen Zhi also spent millions in Singapore to purchase properties:
Orchard Road Gramercy Park penthouse cost 17 million SGD (approximately 13 million USD),
Affiliate Li Tie purchased a residence at Boulevard Jing Gong for approximately 18.2 million SGD🏢.

📌 Crypto Space Insights

This incident reminds everyone again: the money laundering pathways for cryptocurrencies may be more complex than you think, as not only on-chain transactions but also off-chain family offices, overseas real estate, and the networks of listed companies can become channels for gray capital flows.

The United States has already imposed sanctions on the Prince Group and its affiliates, and FinCEN has also removed the Cambodia Huay Wang Group from the U.S. financial system. Friends in the crypto space should be cautious, as such opaque cross-border capital operations carry significant risks, and even financial hubs like Singapore are being scrutinized.

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