Prince Group is laundering 10.7 billion NT dollars in Taiwan! Developing their own "OJBK Wallet" to connect with underground currency exchanges.

Taipei District Prosecutors Office investigates the “Prince Group” money laundering case in Cambodia, revealing that the Prince Group used USDT to transfer criminal proceeds into Taiwan for money laundering, and even developed the “OJBK Wallet” to connect underground exchange houses, facilitating cash withdrawals across multiple countries and creating breaks in the money flow.

The Taipei District Prosecutors Office concluded its investigation yesterday (4th), formally charging the group’s leader Chen Zhi and 62 others, along with 13 companies, under the Anti-Money Laundering Act, the Organized Crime Prevention Act, and gambling-related crimes. Chen Zhi faces a maximum sentence of 13 years, while core group member Li Tian is sentenced to 20 years. The total illegal money laundering amount exceeds 10.7 billion yuan, with assets including luxury goods, cars, mansions, and financial accounts valued at over 5.5 billion yuan.

According to investigations, Chen Zhi concealed criminal proceeds by directing group members in China, Southeast Asia, and Taiwan to engage in cryptocurrency and online gambling activities. They established 250 offshore companies in 18 countries, holding 453 domestic and international financial accounts. Using these offshore companies controlled by the group, they created false transaction contracts and laundered money through foreign exchange channels, transferring a total of 9.7 billion yuan into 16 Taiwanese company accounts for purchasing luxury homes and cars.

Additionally, to enable the Prince Group’s criminal proceeds in cryptocurrency to flow into Taiwan and be withdrawn as cash across multiple countries, Chen Zhi instructed members to develop the “OJBK Wallet,” linking water houses in Taiwan, Singapore, Japan, and other locations. They used USDT for cross-border transfers to launder money, with members withdrawing over 629.92 million yuan in cash from water houses to buy luxury cars, jewelry, and cover expenses in Taiwan.

According to the Liberty Times, OJBK uses a cold wallet architecture, requiring physical devices to sign transactions, making remote hacking difficult. It does not rely on exchanges or third-party platforms, effectively bypassing KYC (identity verification) and regulatory checks. Coupled with underground exchange houses and coin mixing techniques, splitting transactions increases the difficulty of tracking the money flow.

OJBK was developed by Cheng Wei Technology, a company established by the Prince Group in Taiwan, specifically tailored for high-level executives. Usage requires approval from the group’s top leader in Taiwan, Li Tian. Its main functions are cash withdrawals and transfers.

When users withdraw cash, they simply select “Contact Customer Service” in the app, specify the amount, time, and location, and take a photo of a banknote with its serial number. They upload this via the wallet. The driver receives the request, withdraws cash from the water house, delivers it to the designated location, and verifies the serial number uploaded by the user before handing over the money. For remittances, users must submit the recipient’s account details, and the backend contacts the water house to transfer funds through multiple dummy accounts, with the recipient then withdrawing the money from the water house.

$1.7 billion Bitcoin transfer! Prince Group’s Chen Zhi suspected of attempting to “cut off the money flow” to evade investigation.