Arrest of Prince Group's top manager in Japan: the trail leads to the confiscation of $15 billion in bitcoins
Tokyo Police have completed the operation to detain Hu Xiaowei (also known as Hu Shi) — a key figure in the structure of Prince Group, one of Asia's largest transnational fraud networks. This arrest is a direct continuation of a large-scale investigation initiated by U.S. authorities.
Hu was taken into custody on June 14 on suspicion of providing false information about his place of residence. The news officially became known on June 22. According to the investigation, the 44-year-old Cypriot citizen submitted a fictitious notice of moving to Tokyo's Chuo Ward. During interrogation, he stated that a trusted person handled the paperwork and that he was unaware of the details.
Japanese law enforcement tracked Hu through CCTV footage from expensive hotels in Osaka. Along with him, two Chinese citizens suspected of aiding him were detained. All had their smartphones and other digital devices seized for further analysis.
Connection to the Prince Group case and $15 billion in bitcoins
In October 2025, the U.S. Treasury imposed sanctions on Prince Group and 146 related individuals and companies. According to U.S. authorities, the group operated a network of so-called "pig butchering" fraud complexes from Cambodia, where people were forced under threat of violence to participate in fake investment schemes.
At the same time, the U.S. Department of Justice (DOJ) seized approximately 127,271 BTC worth about $15 billion — the largest asset confiscation in the country's history. These bitcoins are linked to Prince Group founder and chairman Chen Zhi, who was arrested in Cambodia in January 2026 and extradited to China. The name "Chen Xiao'er" appeared on the sanctions list, and Japanese authorities identify him with the detained Hu Xiaowei.
Notably, the company where Hu is listed as a director was registered in Tokyo in April 2023 for trading activities. Its authorized capital grew from 8 million to 50 million yen (~$340,000) by March 2026. Representatives of Prince Group have previously called all accusations by U.S. and British authorities baseless.
Cryptalist analyst's opinion: This arrest is not just an episode in the fight against fraud, but a clear signal that cryptocurrency assets obtained through criminal means are no longer a "safe haven." The cross-border cooperation of law enforcement agencies in Japan, the U.S., and China demonstrates that even the most complex money laundering schemes through bitcoin will be uncovered, and the perpetrators will be found. The market must realize: anonymity on such a scale is a myth.