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AKI/CUP: Access live Aki Protocol prices in CUP, real-time exchange rates, and fast crypto-to-fiat conversions. Plus, dive into AKI and CUP market data, trends, insights, and essential info—all in one place.AKI/CUP: Access live Aki Protocol prices in CUP, real-time exchange rates, and fast crypto-to-fiat conversions. Plus, dive into AKI and CUP market data, trends, insights, and essential info—all in one place.

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AKI/CUP: Aki Protocol (AKI) to Cuban Peso (CUP)
Converter & Calculator

AKI

CUP

AKI to CUP: 1 Aki Protocol converts to ₱‎0.028302 CUP

Last Update: 2026-01-31 12:10:59

MEXC Crypto to Fiat Calculator offers real-time exchange rates for easy conversion from AKI to CUP. All crypto prices are real-time data and can change rapidly. We recommend checking back for the latest conversion result.

Aki Protocol to Cuban Peso Conversion Table

AKI to CUP Conversion Table

1 AKI
0.028302 CUP
2 AKI
0.056604 CUP
3 AKI
0.084905 CUP
4 AKI
0.113207 CUP
5 AKI
0.141509 CUP
6 AKI
0.169811 CUP
7 AKI
0.198113 CUP
8 AKI
0.226415 CUP
9 AKI
0.254716 CUP
10 AKI
0.283018 CUP
50 AKI
1.42 CUP
100 AKI
2.83 CUP
1,000 AKI
28.3 CUP
5,000 AKI
141.51 CUP
10,000 AKI
283.02 CUP

The table above displays real-time Aki Protocol to Cuban Peso (AKI to CUP) conversions across a range of values, from 1 AKI to 10,000 AKI. It provides a quick reference for commonly checked AKI amounts using the latest CUP market rates. This is useful for estimating values from small transactions to large holdings. If you are looking for custom AKI to CUP amounts, please use the tool converter above.

CUP to AKI Conversion Table

1 CUP
35.33 AKI
2 CUP
70.66 AKI
3 CUP
106.0002 AKI
4 CUP
141.3 AKI
5 CUP
176.6 AKI
6 CUP
212.0004 AKI
7 CUP
247.3 AKI
8 CUP
282.6 AKI
9 CUP
318.0007 AKI
10 CUP
353.3 AKI
50 CUP
1,766 AKI
100 CUP
3,533 AKI
1,000 CUP
35,333 AKI
5,000 CUP
176,667 AKI
10,000 CUP
353,334 AKI

The table above shows real-time Cuban Peso to Aki Protocol (CUP to AKI) conversions across a range of amounts, from 1 CUP to 10,000 CUP. It serves as a quick reference to see how much Aki Protocol you can get at current rates based on commonly used CUP amounts. For custom values not listed, please use the converter above.

Aki Protocol Price and Market Statistics in Cuban Peso

Aki Protocol (AKI) is currently trading at ₱‎ 0.028302 CUP , reflecting a 0.75% change over the past 24 hours. The 24-hour trading volume stands at ₱‎-- with a fully diluted market capitalisation of ₱‎0.00 CUP. For a deeper look at live trends, charts, and historical data, visit our dedicated Aki Protocol Price page.

0.00 CUP

Circulation Supply

24-Hour Trading Volume

0.00 CUP

Market Cap

0.75%

Price Change (1D)

24H High

24H Low

The AKI to CUP trend chart above displays both live prices and historical movements. You can switch between timeframes—24 hours, 7 days, 30 days, 90 days, and more—to analyse short- and long-term trends, identify market patterns, and track Aki Protocol's fluctuations against CUP. This visual tool helps support informed trading and investment decisions. For the most up-to-date market information, check the current Aki Protocol price.

AKI to CUP Conversion Summary

As of 2026-01-31 12:10:59 | 1 AKI = 0.028302 CUP | 1 CUP = 35.33 AKI

Today, the exchange rate for 1 AKI to CUP is 0.028302 CUP.
Buying 5 AKI will cost 0.141509 CUP and 10 AKI is valued at 0.283018 CUP.
1 CUP can be traded for 35.33 AKI.
50 CUP can be converted to 1,766 AKI, excluding any platform or gas fees.
The conversion rate of 1 AKI to CUP has changed by 0.00% in the last 7 days.
In the last 24 hours, the rate has fluctuated by 0.75%, reaching a high of 0 CUP and a low of 0 CUP.
One month ago, the value of 1 AKI was 0 CUP, which represents a -- change in its current value.
In the last 90 days, AKI has changed by 0 CUP, resulting in a -- change in its value.

All About Aki Protocol (AKI)

Now that you have calculated the price of Aki Protocol (AKI), you can learn more about Aki Protocol directly at MEXC. Learn about AKI past, present, and future. Explore its highest ATH, how to buy Aki Protocol, trading pairs, and more.

AKI to CUP Conversion Volatility and Price Trends

In the past 24 hours, Aki Protocol (AKI) has fluctuated between 0 CUP and 0 CUP, reflecting short-term market volatility. Over the last 7 days, the price ranged from a low of 0.027373 CUP to a high of 0.029814 CUP. You can view detailed AKI to CUP price movements and volatility data for the past 24 hours, 7 days, 30 days, and 90 days in the table below.

	Last 24 hours	Last 7 days	Last 30 days	Last 90 days
High	₱ 0	₱ 0	₱ 0	₱ 0
Low	₱ 0	₱ 0	₱ 0	₱ 0
Average	₱ 0	₱ 0	₱ 0	₱ 0
Volatility	+2.44%	+8.78%	+12.93%	+29.75%
Change	+0.19%	+1.72%	+6.81%	-23.03%

Aki Protocol Price Forecast in CUP for 2027 and 2030

Aki Protocol’s price outlook is shaped by market demand, adoption trends, institutional involvement, and broader economic factors. Using a projected 5% annual growth rate, here are some potential AKI to CUP forecasts for the coming years:

AKI Price Prediction for 2027

By 2027, Aki Protocol could reach approximately ₱‎0.029717, assuming a steady 5% annual growth rate from the current price level.

AKI Price Prediction for 2030

By 2030, AKI may rise to around ₱‎0.034401 CUP, following the same long-term growth model.

These estimates are hypothetical and intended as directional forecasts, not financial advice. For more insights, including short-term forecasts and long-term predictions up to 2040, visit our Aki Protocol Price Prediction page for detailed market outlooks and future scenarios.

What is Cuban Peso

The Cuban Peso is the official currency of Cuba, a country situated in the Caribbean. The Peso, coded as CUP, plays a significant role in the country's economy. It is used for a variety of everyday transactions, ranging from buying groceries to paying for utilities and services. The Peso is issued by the Central Bank of Cuba, the country's monetary authority.

The Cuban Peso is one of the two official currencies in use in Cuba, the other being the Cuban Convertible Peso (CUC). The CUC was typically used in the tourism industry and for luxury goods, while the Cuban Peso was used for more ordinary, everyday transactions. However, the use of the CUC is being phased out, with the Cuban Peso becoming the sole official currency of the country.

The Peso's value is determined by the government of Cuba through a managed float system. This means that the value of the Peso is not determined by market forces, but rather by the government, which sets the exchange rate between the Peso and foreign currencies. The Cuban Peso is not freely convertible on the international market, which means that it cannot be easily bought or sold outside of Cuba.

In Cuba's everyday economic life, the Cuban Peso is used in a wide variety of transactions. These can range from buying food at local markets, to paying for public transportation, to settling utility bills. It is also used for wages and salaries, with the government being the country's largest employer.

Despite the country's dual currency system, the Cuban Peso is the currency most commonly used by the Cuban population. It is an important part of Cuba's economic system and plays a key role in the country's monetary policy. However, the Peso's value and its use are heavily influenced by the government, which controls its issuance and sets its exchange rate.

In summary, the Cuban Peso is an integral part of Cuba's economic life. It is used for a wide range of everyday transactions, and its value is managed by the government. The Peso is not freely convertible on the international market, making it unique among national currencies. With the phasing out of the CUC, the Cuban Peso's role as the sole official currency of Cuba is set to increase.

AKI Trading Pairs Available on MEXC

Spot

More Spot Trading Pairs

AKI/USDT

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The table above shows a list of AKI Spot trading pairs, covering markets where Aki Protocol is directly exchanged with major cryptocurrencies such as USDT, USDC, and more. Spot trading allows users to buy or sell AKI at current market prices without using leverage.

Futures

More Futures Trading Pairs

Explore AKI Futures trading pairs from the most popular Perpetual Futures contracts that allow long and short positions. MEXC is a leading platform in crypto derivatives, offering up to 500x leverage, deep liquidity and a wide selection of Aki Protocol futures markets for strategic trading.

Learn How to Buy Aki Protocol

Looking to add Aki Protocol to your portfolio? Whether you are just getting started or looking to expand your holdings, MEXC makes it easy to buy crypto through credit card, bank transfer, peer-to-peer (P2P) markets, Spot trading, and various options.

Explore the full guide: How to Buy Aki Protocol › or Get started now ›

AKI and CUP in USD Terms: Overview and Insights

Aki Protocol (AKI) vs USD: Market Comparison

Aki Protocol Price Overview

Current Price (USD): $0.001067
7-Day Change: 0.00%
30-Day Trend: --

Why Do Crypto Prices Fluctuate?

Crypto markets are highly dynamic. Prices can move rapidly due to:

Market Sentiment: News, social media trends, or whale activity can trigger sharp moves.
Adoption & Utility: Updates to the network, usage growth, or partnerships can influence long-term value.
Macroeconomics: Inflation, interest rates, and the strength of the US dollar can affect crypto demand.
Regulatory Changes: Announcements from governments or financial authorities often move the market.

Why This Matters

If you are converting to or from AKI, short-term price trends can impact how much you receive.

A rising price means your crypto is gaining value, which is good for sellers.
A falling price may offer a buying opportunity. However, it also carries risk.

USD: The Global Benchmark for Crypto Prices

Most cryptocurrencies, including AKI, are priced in US dollars (USD) across global crypto exchanges, regardless of your local currency.

So whether you are converting to CUP, the USD price of AKI remains the primary market benchmark.
[AKI Price] [AKI to USD]

Cuban Peso (CUP) vs USD: Market Snapshot

Exchange Rate Overview

Current Rate (CUP/USD): 0.03773584905660377
7-Day Change: 0.00%
30-Day Trend: 0.00%

Why Do Exchange Rates Fluctuate?

Exchange rates move due to supply and demand in the global market. Key drivers include:

Interest Rates: Central banks raising or lowering rates influence investor behaviour.
Inflation: Lower inflation helps a currency hold its value.
Economic Indicators: Data like GDP growth, employment, and trade balance impact confidence.
Market Sentiment: News, policy changes, or political shifts can trigger rapid changes.

Why This Matters

Since AKI is typically valued in USD, shifts in CUP vs USD affect the AKI to CUP rate.

A stronger CUP means you will pay less to get the same amount of AKI.
A weaker CUP means you will pay more, even if the crypto's USD price did not change.

Want to Take Advantage of the Current Rate?

Buy AKI securely with CUP on our Buy Crypto channels.

[Buy AKI Instantly Now]

What Influences the AKI to CUP Exchange Rate?

The exchange rate between Aki Protocol (AKI) and Cuban Peso (CUP) is influenced by a range of global and local factors. If you are interested to trade or invest in AKI, understanding what drives this conversion can help you make more informed decisions.

1. Market Sentiment and News

Crypto markets are highly reactive to sentiment. Positive developments, such as major partnerships, increased adoption, or favourable media coverage-can drive up demand and increase the AKI to CUP rate. On the flip side, negative press, security issues, or regulatory actions may result in price drops.

2. Government Regulation and Legal Clarity

The regulatory environment in both the cryptocurrency's key markets and CUP-issuing countries plays a major role. Supportive policies can increase confidence and adoption, pushing rates higher. On the other hand, restrictive or unclear regulations often introduce market uncertainty.

3. CUP Currency Strength and Local Economic Indicators

Traditional economic factors like interest rates, inflation, and GDP performance directly influence CUP's strength. When CUP weakens due to inflation or policy changes, investors may seek alternatives like AKI, increasing demand and raising the exchange rate.

4. Blockchain and Technology Developments

For cryptocurrencies like Aki Protocol, improvements in technology such as network upgrades, scalability solutions, or ecosystem expansion-often lead to increased adoption and price growth. These changes can enhance investor confidence and influence exchange rates positively.

5. Global Financial Events and Market Trends

Macroeconomic trends such as global inflation fears, geopolitical tensions, or changes in interest rates by central banks can prompt a shift toward digital assets as a store of value. In uncertain times, demand for AKI may rise, impacting its conversion to CUP.

Convert AKI to CUP Instantly

Use our real-time AKI to CUP converter to track the latest rates. Whether you are planning a trade or watching market trends, our tool offers up-to-the-minute pricing and historical charts to help you stay informed.

How to Convert AKI to CUP?

Enter the Amount of AKI
Start by entering how much AKI you want to convert into CUP using our real-time converter. The system instantly calculates the value based on the latest market rate. You can also choose a different cryptocurrency or fiat currency if needed.
Check the Live AKI to CUP Rate
See the most accurate and up-to-date AKI to CUP exchange rate. To make smarter decisions, browse the rest of the page to learn what affects the conversion rate and explore more insights about AKI and CUP.
Convert or Get Started on MEXC
Ready to add AKI to your portfolio? Learn how to buy AKI with our step-by-step beginner guide, or sign up on MEXC to start trading instantly. MEXC offers one of the largest selections of cryptocurrencies with competitive rates and low fees.

Frequently Asked Questions

How is the AKI to CUP exchange rate calculated in India?
The AKI to CUP exchange rate in India is based on the current value of AKI (often in CUP), converted to CUP using institutional-grade FX rates. The rate reflects real-time market pricing pulled from deep global liquidity sources.
Why does the AKI to CUP exchange rate change so frequently in India?
The AKI to CUP rate changes frequently because both AKI and fiat currencies react to global news, supply/demand conditions, and market activity in India as well. Prices can shift every few seconds, especially during high-volatility periods.
What's the difference between the displayed rate in India and what I actually receive when converting?
The displayed AKI to CUP in India rate is real-time and reflects market conditions. Actual conversion rates may differ slightly due to spreads, slippage, or execution timing.
Can the AKI to CUP rate vary between exchanges in India?
Yes. Pricing differences occur due to variations in liquidity, trading volume, regional demand, and fee structures across different platforms.
Why might the AKI to CUP rate be higher or lower today compared to yesterday in India?
Rates move based on macroeconomic news, investor sentiment, central bank announcements, inflation data, or crypto-specific developments such as upgrades or ETF-related events.
Is now a good time to convert AKI to CUP, or should I wait?
There is no guaranteed correct time. Review price trends, historical data, and global economic conditions to support your decision-making.
What tools can help me time my AKI to CUP conversion better in India?
Live charts, moving averages, RSI, volume analysis, and market news are commonly used tools. Many users also set price alerts for key levels.
How can I understand the trend of AKI against CUP over time?
Use the interactive chart on this page to analyse historical prices, identify patterns, and compare trends across different timeframes.
How do news and regulations affect the AKI to CUP rate in India?
India local regulation, inflation data, interest rate changes, and geopolitical events can strengthen or weaken CUP, influencing the conversion rate even if AKI remains stable.
What crypto-specific events can influence the AKI to CUP exchange rate?
Halvings, protocol upgrades, whale activity, ETF approvals, and new exchange listings often create price movements that impact the AKI to CUP rate.
Can I compare the AKI to CUP rate with other currencies?
Yes. You can switch between various India's fiat currencies or cryptocurrencies using our converter to find the most favourable comparison.
How do I know if the AKI to CUP rate is fair?
Check the rate against major market indexes or compare it across several exchanges. Our converter uses aggregated real-time data to maintain competitive pricing.
What is the best way to monitor the AKI to CUP rate throughout the day?
Bookmark this page or the AKI price page and use the live chart to track intraday movements and potential entry opportunities.
Is the AKI to CUP conversion rate affected by weekends or holidays in India?
Yes, while cryptocurrencies trade 24/7, fiat market liquidity may tighten on weekends or holidays, potentially widening spreads or increasing volatility. However, please note that different countries may have specific holidays in their respective regions.
Can I set a target AKI to CUP price and convert when it hits?
The converter itself doesn't execute trades, but you can set alerts or use limit orders on MEXC to automate your execution at specific price levels.
Where can I learn more about what influences AKI and CUP in India?
Browse the content above for insights into macroeconomic drivers, market dynamics, and historical performance data for AKI and CUP.
What's the difference between converting AKI to CUP and trading it?
Converting simply checks the 1:1 value between AKI and CUP. Trading involves buying or selling on open markets with additional tools such as limit orders, derivatives, or leverage.
Is AKI to CUP a common reference for crypto investors?
Many investors track AKI prices in CUP or stablecoins. AKI to CUP is useful for real-world valuation, hedging against local currency fluctuations, or planning cash-outs in India.
What happens to the AKI to CUP rate during major economic events?
During inflation reports, interest-rate decisions, or crises, fiat volatility often increases. CUP may strengthen or weaken depending on global risk sentiment, which directly affects the conversion rate.
How does MEXC ensure accurate and competitive AKI to CUP rates?
MEXC aggregates prices from deep global liquidity pools, applies minimal spreads, and updates rates in real time to ensure accuracy and transparency.

Aki Protocol News and Market Updates

Duke of Cambodia, 120,000 bitcoins confiscated by the United States, how did Chen Zhi start his career?

Author: Aki Wu Talks Blockchain Chen Zhi (also known as Vincent) is a 37-year-old Chinese-born businessman. He is the founder and chairman of the Cambodian conglomerate Prince Holding Group and one of the country's most influential businessmen. Reportedly holding dual British and Cambodian citizenship, Chen Zhi has served as an advisor to two Cambodian Prime Ministers, Hun Sen and Hun Manet, and has been awarded the honorary title of "Duke" by the government, making him a prominent figure in both the political and business circles. Recently, the US and UK governments imposed joint sanctions on Chen Zhi and his Prince Group. The US Department of Justice indicted him on charges of wire fraud and money laundering, confiscating over $15 billion worth of Bitcoin, calling it "one of the largest financial frauds in history." This article, based on public reports and US and UK judicial documents, will uncover Chen Zhi's underworld rise to become Cambodia's "Godfather," and the complex web of money and power transactions behind him. Internet cafe owner transformed into real estate tycoon Chen Zhi was born in Fujian, China in December 1987. He dabbled in small business in his early years in China. According to the websites of the companies he invested in, he demonstrated a knack for business at a young age, having assisted in his family's business and founded an internet cafe. Around 2011, Chen Zhi began to set his sights on Southeast Asia and decided to relocate to Cambodia to explore opportunities and join the booming real estate industry. After moving to Cambodia, Chen Zhi capitalized on the opening of the local economy and the influx of Chinese investment, rapidly expanding his entrepreneurial empire. In 2015, he founded Prince Holding Group, which he transformed into one of Cambodia's largest conglomerates within a few years. Since its establishment, Prince Group has focused on real estate development, with a presence in every corner of Cambodian cities, from the capital Phnom Penh to the coastal province of Sihanoukville. For example, the group's real estate development helped transform Sihanoukville from a sleepy coastal town into a bustling casino-filled city, accumulating hundreds of millions of dollars in wealth for Chen Zhi. Following his success in real estate, he ventured into finance, founding a microfinance institution and providing banking services. In 2018, he obtained a full banking license to establish Prince Bank. In just a few years, Chen Zhi transformed himself from an unknown young Chinese man to a billionaire Cambodian business magnate. Today, the Prince Holding Group, controlled by Chen Zhi, has diversified businesses covering real estate, financial services, consumer products and other fields. The group's major companies include Prince Real Estate Group, Prince Global Real Estate Group and Prince Bank. Its footprint is not only throughout Cambodia, but it also claims to have expanded its business to more than 30 countries and regions. According to Lianhe Zaobao, Prince Group's total real estate investment in Cambodia has reached US$2 billion, and its well-known projects include landmark properties such as the Prince Plaza Shopping Center in Phnom Penh. Chen Zhi himself has also been highly engaged in charitable activities through the group's charitable organization, the Prince Foundation. The group's official website describes him as a "highly respected entrepreneur and well-known philanthropist." However, behind this seemingly glamorous business empire lies a shocking dark side. The glitz and glamour of the Prince Group and the "pig-killing" scam While the Prince Group's apparent business portfolio encompasses traditional industries like real estate and banking, US law enforcement investigations reveal it operates a vast transnational fraud network. This type of scam is known as "pig-killing schemes." The US Department of Justice's indictment details the operations of the Prince Group's fraud empire. Chen Zhi, under his command, led the group to establish at least 10 large-scale fraud operations across Cambodia, where they imprisoned and forced migrant workers from various countries to engage in fraudulent activities. Through investment scams like "pig-killing schemes," they caused massive losses globally, particularly to Americans. This led to prosecution and sanctions from the US government. The UK Foreign and Commonwealth Office (FCDO) also announced sanctions against Chen Zhi, the Prince Group, and their associates on the same day, freezing their high-value London real estate (including a mansion on Avenue Road worth approximately £12 million, an office building on Fenchurch Street worth approximately £100 million, and several apartments). These industrial parks are like closed "high-tech fraud factories," housing "phone farms" equipped with hundreds of thousands of phones and computers, operating tens of thousands of fake social media accounts used to perpetrate global fraud. Within these fraud factories, trafficked workers live a life of virtual captivity: they are held captive within the industrial parks and face threats of violence and even torture if they refuse to comply with the fraud. U.S. Assistant Attorney General John Eisenberg described this criminal empire as "built on human suffering," and an investigation confirmed its involvement in human trafficking, with workers forcibly detained in prison-like camps to perpetrate the fraud. To launder illicit proceeds, the group also engaged in large-scale money laundering operations through affiliated companies, using online gambling platforms and cryptocurrency mining operations to circulate the proceeds. (Ironically, this also foreshadowed the subsequent US seizure of $15 billion worth of Bitcoin from the group.) They also set up shell companies in offshore financial centers like the British Virgin Islands and invested the illicit proceeds in overseas real estate to obscure the funds' whereabouts. The US Department of Justice stated that Chen Zhi, fully aware of the principle that money talks, used political influence and bribery to ensure the integrity of the fraudulent industry, funneling benefits to corrupt officials in exchange for protection. All of this transformed the Prince Group into what the US government called "one of Asia's largest transnational criminal organizations." Cambodian political relations: the honorary title of Duke and the status of "Crown Prince" Chen Zhi is not only a business giant in Cambodia, but also deeply integrated into the circle of power. After naturalizing as a Cambodian citizen, he made full use of his wealth and connections to win the recognition and favor of the government. For example, in 2017, he was appointed as an advisor to the Ministry of Interior by royal decree, with a rank equivalent to that of a senior government official. Soon after, it was reported that he became a personal advisor to then-Prime Minister Hun Sen, providing direct advice to the top leadership. Even after Hun Sen stepped down in 2023 and his son Hun Manet succeeded him as prime minister, Chen Zhi is still said to have retained his advisory position, showing his continued influence in the old and new regimes. In the business world, he also received symbolic honors - in July 2020, Chen Zhi was awarded the honorary title of "Duke" by the government for his contribution to Cambodia's economic development, and was personally awarded the medal by Prime Minister Hun Sen. This honorary title holds exceptional esteem in Cambodia. It is one of the highest civilian honors bestowed by the Cambodian royal family upon civilians who have made significant donations and contributions to society. Officially conferred by royal decree, Chen Zhi was thus officially honored with this distinguished title, further solidifying his prominent position in Cambodian society. He was no longer just an ordinary businessman from afar, but rather the revered Duke Chen Zhi. Therefore, both in terms of his status and his connections in the political and business world, Chen Zhi was a highly regarded figure in Cambodian power circles—he was highly regarded by the upper echelons, enjoying regular attendance at the banquets of the wealthy. At this point, Chen Zhi was at the height of his career, wielding immense wealth, the support of government power, and the patronage of his philanthropic and academic circles. He was a household name in Cambodia. After being awarded the title of "Lord", Chen Zhi took a photo with then Cambodian Prime Minister Hun Sen (first from the right) However, following the sudden onslaught of US and UK sanctions, this "honeymoon" relationship between government and business is facing a test. The Cambodian government has adopted a more cautious approach since the incident came to light. A spokesperson for the Ministry of Interior stressed that Prince Group's operations in Cambodia have "always complied with the law" and that it is treated no differently from other large investment companies. Regarding Chen Zhi's acquisition of Cambodian citizenship, officials also stated that this was the result of legal procedures. Furthermore, the authorities stated that they would cooperate with formal, evidence-based requests from other countries and "would not shelter lawbreakers." However, it is worth noting that, to date, the Cambodian government has not filed charges or launched an investigation into any illegal activities by Chen Zhi or Prince Group within Cambodia. Some analysts believe this reflects the continued influence of Chen Zhi's extensive network of connections in Cambodia, leading to a more cautious approach to the case. Chen Zhi's deep ties with Cambodia's elite and his well-protected status highlight the country's role as a hotbed for online fraud. However, with increasing international pressure, Chen Zhi's once-robust status as a Cambodian "safe haven" may be jeopardized. Reference articles: https://e.vnexpress.net/news/business/companies/who-is-cambodian-tycoon-chen-zhi-accused-of-running-a-cybercrime-empire-in-southeast-asia-4952568.html?utm_source=chatgpt.com https://www.zaobao.com.sg/finance/singapore/story20251017-7680724?utm_medium=Social&utm_source=Twitter#Echobox=1760705782-3 https://www.japantimes.co.jp/news/2025/10/16/asia-pacific/crime-legal/cambodia-prince-us-uk-sanctions/?utm_source=chatgpt.com

2025/10/21

The world's first company to surpass a $5 trillion market capitalization: A look back at Nvidia's brief honeymoon period with cryptocurrencies.

Author: Aki Wu Talks Blockchain In late October 2025, Nvidia's stock price reached a new all-time high, pushing its market capitalization past the $5 trillion mark, making it the first company globally to cross this threshold. Since the emergence of ChatGPT in late 2022, Nvidia's stock price has increased more than 12-fold. The AI revolution has not only driven the S&P 500 to new highs but also sparked discussions about a tech valuation bubble. Today, Nvidia's market capitalization even exceeds the total size of the entire cryptocurrency market, and in terms of global GDP ranking, Nvidia's market capitalization is second only to the United States and China. Remarkably, this AI superstar also had a "honeymoon period" in the cryptocurrency field. This article will review Nvidia's tumultuous history with the cryptocurrency mining industry and why it chose to withdraw and shift its focus to its core AI business. Crypto Bull Market Frenzy: Gaming Graphics Cards Turn into "Money Printing Machines" Looking back at Nvidia's history is like reading a legend of the ever-evolving narrative of technology. Founded in 1993, Nvidia started by inventing the GPU (Graphics Processing Unit) and rode the wave of the PC gaming boom in the late 1990s. Nvidia's GeForce series graphics cards were a huge success, and the company quickly rose to become a graphics card giant. However, when the gaming market gradually saturated and growth slowed, Nvidia also faced the predicament of unsold inventory. Fortunately, opportunity always favors the prepared—a major turning point was the cryptocurrency boom. In 2017, the prices of cryptocurrencies such as Bitcoin and Ethereum soared, sparking a "mining" craze. Because GPUs are ideally suited for parallel computing in mining, miners worldwide scrambled for graphics cards, turning them into money-printing machines with supply falling short of demand and prices skyrocketing. Nvidia emerged as one of the biggest winners behind this crypto bull market, reaping huge profits from card sales. Starting in the second half of 2020, the cryptocurrency market rebounded after a two-year hiatus. Bitcoin prices surged from less than $15,000 in the middle of the year to a peak of over $60,000 in early 2021, while Ethereum rose from a few hundred dollars to over $2,000. This new wave of price increases reignited the GPU mining frenzy. Miners snapped up the new generation of GeForce RTX 30 series graphics cards, leading to a shortage of high-end cards originally intended for gamers, plunging the market into a frenzy of "supply falling short of demand." While NVIDIA's RTX 30 series graphics cards initially surprised gamers with their high performance and cost-effectiveness, the soaring profits from Ethereum mining pushed their actual selling prices to outrageous levels. The RTX 3060, with a suggested retail price of 2499 RMB, was being resold for 5499 RMB, and the flagship RTX 3090 was even being priced close to 20,000 RMB. However, the persistent shortage of graphics cards brought the conflict between gamers and miners to the forefront. Nvidia opted for a "dual-track" approach, simultaneously lowering the Ethereum hash rate for its gamer-oriented GeForce cards (starting with the RTX 3060). However, this was later discovered to be a smokescreen. In reality, miners discovered that by plugging the RTX 3060 with a "dummy HDMI cable," it would perceive other graphics cards as also functioning as display adapters, thus bypassing the hash rate limitations in multi-GPU scenarios and achieving full-speed mining. Andreas demonstrated this on his Twitter account. On the other hand, a series of Cryptocurrency Mining Processors (CMPs) were launched specifically for miners, attempting to "divide the market." The official blog stated explicitly that day: "GeForce is born for gamers, CMP is born for professional miners." CMPs would eliminate display output, use open baffles to improve airflow in densely packed mining racks, and lower peak voltage/frequency for stable energy efficiency. However, precisely because CMPs lacked display output and had a short warranty period, exiting the market was more difficult for miners. GeForces, on the other hand, could be used for mining and could be refurbished and resold to struggling miners, offering better residual value and liquidity. Therefore, this project ultimately generated much hype but little substance, eventually fading from public view. According to Nvidia's financial report, graphics cards used for mining accounted for a quarter of its shipments in the first fiscal quarter of 2021, with sales of cryptocurrency-specific chips (CMP series) reaching $155 million. Fueled by the crypto boom, Nvidia's revenue for the entire year of 2021 soared to $26.9 billion, a 61% increase year-over-year, and the company's market capitalization briefly surpassed $800 billion. However, this favorable situation did not last long. On May 21, 2021, the Financial Stability and Development Committee of the State Council of China proposed to severely crack down on Bitcoin mining and trading. Subsequently, mining farms in Xinjiang, Qinghai, Sichuan and other places were shut down, and the mining business quickly came to a halt. In the same month and the following month, Bitcoin hashrate and price both came under pressure, and miners were forced to relocate or liquidate their equipment. By September 24, the People's Bank of China and multiple departments issued a joint notice, defining all virtual currency-related transactions as illegal financial activities and proposing a nationwide "orderly cleanup of the mining industry," further "closing the loopholes" at the policy level. For those in the Huaqiangbei mining machine industry, the cycle of boom and bust is nothing new. Those who experienced the mining machine "crash" of early 2018 still vividly remember it; some withdrew from the market in despair, but a few persevered and weathered the storm, investing their unsold machines into their own mining farms, waiting for the next boom. As it turns out, the bull market of 2020-2021 once again allowed those who held on to turn their fortunes around. In September 2022, a landmark event occurred in the crypto industry: the Ethereum blockchain completed its "merge" upgrade, transitioning from a Proof-of-Work (PoW) mechanism to a Proof-of-Stake (PoS) mechanism, eliminating the need for a large number of GPUs to participate in mining. This marked the end of the long-standing era of GPU mining. Without the specific needs of crypto miners, the global GPU market cooled rapidly, directly impacting Nvidia's performance. In the third quarter of 2022, Nvidia's revenue declined by 17% year-on-year to $5.93 billion, and net profit was only $680 million, a year-on-year decrease of 72%. Nvidia's stock price once fell to around $165 in 2022, nearly halving from its peak, and the former crypto boom instantly became a burden on its performance. Drawing a line: Nvidia's breakup with the mining industry Faced with the frenzy in the mining industry, complaints from gamers, and problems arising from cyclical profits, Nvidia gradually realized it needed to find a balance within the cryptocurrency mining boom and, at the right time, "draw a clear line" with it. As concerns about a bubble emerged from soaring cryptocurrency prices, the company also suffered from financial compliance issues. A subsequent investigation by the U.S. Securities and Exchange Commission (SEC) found that Nvidia had failed to adequately disclose the contribution of cryptocurrency mining to its gaming graphics card revenue growth for two consecutive quarters in fiscal year 2018. This was deemed improper disclosure. In May 2022, Nvidia agreed to settle with the SEC and pay a $5.5 million fine. This incident forced Nvidia to re-evaluate its delicate relationship with the crypto industry; while the cryptocurrency mining boom brought considerable profits, its volatility and regulatory risks could also damage the company's reputation and performance. After Ethereum switched to PoS in 2022, GPU mining demand plummeted, and Nvidia's gaming graphics card business quickly returned to normal supply and demand. Jensen Huang has also repeatedly emphasized that the company's future growth will primarily come from areas such as artificial intelligence, data centers, and autonomous driving, rather than relying on speculative businesses like cryptocurrencies. It can be said that after experiencing the highs and lows of the "mining card craze," Nvidia decisively distanced itself from this highly volatile industry, investing more resources in the broader and more socially valuable AI computing landscape. Furthermore, Nvidia's latest Inception program website for AI startups explicitly lists "unqualified organization types," including "crypto-related companies," demonstrating Nvidia's clear desire to distance itself from its former crypto associates. So, after fully embracing the AI industry, will Nvidia's chip business still intersect with the crypto industry? On the surface, since Ethereum bid farewell to the "mining era," the connection between GPUs and traditional crypto mining has weakened significantly. Major cryptocurrencies like Bitcoin have long used dedicated ASIC miners, and GPUs are no longer the highly sought-after "golden goose" for crypto miners as they once were. However, the two fields are not entirely without overlap, and new points of convergence are emerging in different forms. Some companies that previously focused on cryptocurrency mining are shifting their business focus to AI computing power services, becoming new customers of Nvidia. Furthermore, traditional Bitcoin mining companies are also exploring using surplus electricity and space resources to undertake AI computing tasks. Some large mining companies have recently replaced some of their equipment with GPU hardware for training AI models, believing that AI training offers a more stable and reliable source of revenue compared to the volatile cryptocurrency mining industry. The person who made the most money in the AI gold rush — Nvidia, the company that sells "shovels" In November 2022, OpenAI's ChatGPT emerged, causing a huge sensation worldwide with its large-scale AI models. For NVIDIA, this was undoubtedly another once-in-a-century opportunity. The world suddenly realized that to power these computationally intensive AI monsters, NVIDIA's GPU hardware support was indispensable. Following ChatGPT's explosive popularity, major tech companies and startups flocked to the "large model" track, leading to an explosive growth in the computing power required to train AI models. NVIDIA astutely recognized this fundamental truth: regardless of technological advancements, computing power will always be the basic currency of the digital world. Currently, Nvidia holds over 90% of the market share for large-scale model training chips. Its A100, H100, and next-generation Blackwell/H200 GPUs have become industry standards for AI acceleration computing. Due to demand far exceeding supply, Nvidia possesses extraordinary pricing power and profit margins in high-end AI chips. Goldman Sachs predicts that from 2025 to 2027, the capital expenditures of just the five major cloud service providers—Amazon, Meta, Google, Microsoft, and Oracle—are expected to approach $1.4 trillion, nearly tripling compared to the previous three years. These massive investments have laid the foundation for Nvidia's astronomical market capitalization. However, the AI field once experienced a shockwave of "cost reduction and efficiency improvement"—the explosive popularity of the open-source large model DeepSeek. The DeepSeek project claimed to have trained the DeepSeek V3 model with performance comparable to GPT-4 at an extremely low cost of only about $5.576 million, and subsequently released the R1 model with ultra-low inference cost. The industry was in an uproar at the time, with many predicting Nvidia's demise. They argued that the emergence of such low-cost AI models meant that small and medium-sized enterprises could deploy large models with fewer GPUs, potentially impacting demand for Nvidia's high-end GPUs. The question of whether "AI computing power demand will be replaced by an efficiency revolution" became a hot topic. Affected by this expectation, Nvidia's stock price plummeted, closing down about 17%, wiping out approximately $589 billion in market capitalization in a single day (considered one of the largest single-day market capitalization losses in US stock market history). However, just a few months later, it became clear that these concerns were short-sighted. DeepSeek did not reduce the demand for computing power; instead, it triggered a new surge in demand. Its technical approach essentially achieved "computing power equality"—through algorithmic innovation and model distillation, it significantly lowered the hardware barrier for large models, making AI applications more affordable for more institutions and enterprises. On the surface, it seemed that "less computing power was needed" due to improved model efficiency; but in reality, the DeepSeek phenomenon greatly popularized AI applications, leading to an exponential increase in computing power demand. A large number of enterprises rushed to adopt DeepSeek, triggering a wave of AI applications, with inference computing quickly becoming the new main driver of computing power consumption. This precisely illustrates the famous "Jeves' paradox"—increased technical efficiency actually accelerates resource consumption. DeepSeek lowered the barrier to AI and led to a surge in applications, resulting in even more insufficient computing resources. As it turns out, the emergence of a new AI model often translates into a surge of new GPU orders. The more AI innovation Nvidia produces, the stronger it becomes, a fact once again validated in the DeepSeek controversy. Nvidia's financial report released in February 2025 showed that its data center business significantly exceeded expectations. At a deeper level, the success of DeepSeek is not a threat to Nvidia; rather, it demonstrates that "cost reduction and efficiency improvement" can lead to larger-scale application expansion, thereby driving up total computing power demand. This time, DeepSeek has become new fuel for Nvidia's computing power empire. As AI pioneer Andrew Ng said, "AI is the new electricity." In the era where AI is electricity, computing power providers like Nvidia undoubtedly play the role of power companies. Through massive data centers and GPU clusters, they continuously supply "energy" to various industries, driving intelligent transformation. This is also the core logic behind Nvidia's market value soaring from $1 trillion to $5 trillion in just two years—a qualitative leap in global demand for AI computing power, with tech giants around the world investing in computing power in an arms race-like manner. After its market capitalization climbed to $5 trillion, Nvidia's influence and scale have surpassed even the economic influence of many national governments. Nvidia is no longer just a graphics card manufacturer that makes games run smoother; it has transformed into the fuel of the AI era, becoming the undisputed "shovel seller" in this gold rush. With its increasing size, the wealth creation stories of Nvidia employees have become legendary in the industry, with many employees holding stock worth more than their annual salaries. Nvidia itself has achieved one leap forward after another by continuously "telling" new technological narratives. Gaming graphics cards opened the first door for it, the mining boom provided a second wave of growth, and AI has propelled Nvidia to its true peak.

2025/11/03

The Dark Money Behind the Cuban Cigar Empire: Unveiling Chen Zhi's "Spider Web Capitalism 2.0"

Author: Aki Wu Talks Blockchain With the joint exposure and crackdown by the British and American governments on the transnational criminal empire of Chen Zhi, the de facto controller of the Prince Group in Cambodia, the intricate global business network behind it has also come to light. Shockingly, this group, notorious for its "pig butchering" style telecom fraud, human trafficking, and forced labor, controlled 50% of the shares of Habanos, a top Cuban cigar company, through a complex offshore structure. China is Habanos' largest consumer market. This unexpected connection reveals that in the digital age, illegal economic activities and legitimate businesses are intertwined through blockchain and offshore financial networks, forming a new "capital spider web." This article attempts to analyze the operational logic of so-called "spider web capitalism 2.0"—that is, the upgrade of traditional offshore capitalism under the special circumstances of blockchain technology and Southeast Asia—starting from the Chen Zhi case, and to demonstrate how a decentralized offshore capital network is formed. Spider Capitalism 2.0 = Offshore Capitalism × Cryptocurrency × Southeast Asia "Spiderweb Capitalism 2.0" can be understood as a new form of capitalism where traditional offshore financial networks upgrade themselves using blockchain technology. Offshore capitalism refers to the traditional practice of capital moving globally through offshore financial centers and shell companies to evade regulation and taxation. In the past, wealthy individuals and conglomerates often used tax havens such as the Cayman Islands and Swiss banks to hide assets and evade domestic regulations. The rise of cryptocurrencies has provided a completely new technological tool for this offshore operation: blockchain assets such as Bitcoin can be transferred peer-to-peer globally, without relying on the traditional banking system, thus constructing a "decentralized offshore structure." Today, opening an on-chain wallet or exchanging stablecoins on a decentralized exchange is like having a Swiss account without a trust intermediary; funds can flow freely globally and are difficult to intercept. These on-chain assets, combined with shadow trading networks, allow huge amounts of wealth to be hidden in code and anonymous addresses, making it difficult for regulatory agencies to intervene effectively. Southeast Asianization highlights the geographical foothold of this new form of capitalism. Emerging market countries in Southeast Asia, with their weak regulation, underdeveloped financial systems, and thirst for foreign investment, coupled with cheap labor and certain gray areas of political-business collusion, have become a frontier testing ground for the convergence of offshore capital and on-chain assets. This region possesses the fertile ground for traditional offshore finance (such as lax foreign exchange controls and a corrupt environment) while also providing a safe haven for new technologies like cryptocurrencies. In other words, Southeast Asia acts as a "sandbox" for the invisible structure of global capitalism. Various capital forces can boldly experiment here, circulating gray funds digitally overseas. The emergence of numerous online fraud zones and underground financial activities dominated by foreign funds in recent years, exemplified by Cambodia, Sihanoukville, and Myanmar's "Special Economic Zones," exemplifies this trend. Chen Zhi and the Prince Group: A Perfect Microcosm of Spider Web 2.0 Chen Zhi and his Cambodian Prince Group are a prime example of "spider web capitalism 2.0": traditional elite protection, local gray industries, on-chain money laundering channels, and global offshore structures are all integrated into one. Looking at Chen Zhi's business empire, its registered entities span mainland China, Hong Kong, Singapore, and offshore jurisdictions such as the British Virgin Islands (BVI) and the Cayman Islands, forming a complex holding network. According to an investigation by Singapore's Lianhe Zaobao, Chen Zhi is associated with as many as 128 companies globally, 17 of which are registered in Singapore. Most of these companies declare their business activities as investment consulting, real estate, and intermediary services, but their actual functions are questionable. Many shell companies also employ a "multiple names in multiple locations" strategy—for example, names like Alphaconnect, Alphaconnect Investments II, Greenbay, Binary, and Drew appear simultaneously in the registers of both Singapore and Taiwan. Four companies with the same name were established almost simultaneously in early 2019, all controlled by Singaporean citizen Lim Zhongliang, who is not on the sanctions list. These companies declare business activities in both locations covering investment consulting and international trade, and utilize local legal structures (such as Singapore's exempted private companies) to conceal the identity of the actual controller. Furthermore, it was revealed that many of the companies directly held by Chen Zhi in Singapore are registered as private limited companies (requiring shareholder disclosure), while the aforementioned exempted companies are directly held by him with no more than 20 shareholders, exempting them from institutional shareholder disclosure. Real estate and infrastructure Chen Zhi's aggressive expansion is also inseparable from Hong Kong's capital market, Asia's financial center. Between 2017 and 2019, he successively took control of two Hong Kong main board listed companies, Zhihaoda Holdings (01707.HK) and Kun Group Holdings (00924.HK). Zhihaoda Holdings (01707.HK): Originally a Hong Kong-based engineering contractor, it went public in October 2017. Just over a year after its listing, the original shareholders swiftly sold off their entire stake in December 2018, allowing Chen Zhi to acquire all shares and instantly become the controlling shareholder with a 54.79% stake. In the same month, Chen Zhi became an executive director and brought in his confidant, Qiu Dong, a senior executive of Prince Group, to co-direct the board. Subsequently, the company began to "Cambodia-ize," expanding into Cambodian real estate development from 2019 while maintaining its core Hong Kong engineering business, and further entering the luxury goods sales sector in 2023. Chen Zhi himself served as a director of its luxury goods subsidiary until his resignation in mid-2023. It is noteworthy that even though Chen Zhi ostensibly resigned from Zhihaoda in July of this year, companies he controls still maintain business dealings with Zhihaoda. For example, Zhihaoda admitted to providing property management services for Hong Kong properties held by companies under Chen Zhi's control, and the company's cash was once deposited in Prince Bank, controlled by Chen Zhi. This indicates that Chen Zhi's financial ties with the listed company have not been completely severed. Kun Group Holdings (00924.HK): A Singapore-based electromechanical engineering company registered in the Cayman Islands, it was listed in Hong Kong in July 2019. In January 2023, the founding Hong family sold all their shares, and Chen Zhi took over, holding 55% and becoming the controlling shareholder. Kun Group's main business is providing electromechanical engineering for Singapore government housing projects. After the listing, it was still operated by the original management. It is worth mentioning that after the US OFAC sanctions list was announced, Kun Group acknowledged Chen Zhi as the actual controlling shareholder and announced that his shareholding ratio was approximately 55%. Although Chen Zhi does not hold a director position in Kun Group, he has clearly achieved control of the company through behind-the-scenes investment. In Hong Kong, including the two listed companies mentioned above, Chen Zhi directly or indirectly controls 10 other companies. Most of these companies are for holding and investment purposes. For example, the US indictment reveals that the Hong Kong shell company Hing Seng Ltd. acted as Chen Zhi's underground bank for transferring huge sums of money across borders. Investigations show that in just four months, from November 2022 to March 2023, Hing Seng transferred approximately US$60 million to an affiliated company in Laos responsible for the Prince Group's cryptocurrency mining business. The funds from this Lao mining company were subsequently used to pay for the luxury consumption of the spouses of Prince Group executives, including the purchase of Rolex watches and Picasso paintings. Sun Weiqiang, the sole shareholder and director of Hing Seng, is registered with a Shantou, China ID card, but has no other publicly available resume and is not listed on any sanctions list. This suggests that these Hong Kong shell companies are merely "fronts" for Chen Zhi's cash flow, potentially corresponding to real financial operators and the destination of overseas assets. Hong Kong, as a free financial center, provided Chen Zhi with an excellent breeding ground for money laundering. He laundered funds through businesses such as engineering, real estate, and luxury goods sales, and owned local luxury homes and commercial properties. According to the Hong Kong Economic Journal, Chen Zhi's affiliated companies owned the entire building at 68 Kimberley Road, Tsim Sha Tsui, and purchased the Mount Nicholsson villa, a top-tier luxury residence on The Peak, for HK$1.4 billion. Source: Photo by Yu Junliang Gaming industry investment and money laundering Cambodia's gambling industry was once booming, and Prince Group actively engaged in casinos and online gambling. Besides participating in several casino hotels in Sihanoukville, Prince Group also undertook projects such as the Golden Fortune Technology Park in the Cambodia-China border region, which was essentially a center for online casinos and fraud. Simultaneously, it controlled online gambling platforms such as Amiga Entertainment, registered online casino licenses overseas, and recruited gamblers in China through websites and apps. Chinese courts determined that Prince Group obtained over 5 billion yuan in revenue through illegal online gambling and engaged in large-scale money laundering. The highly anonymous and cross-border nature of funds in the gambling industry made it a crucial channel for Chen Zhi's money laundering—the buying and selling of gambler chips and the offsetting transactions between gambling companies allowed illicit funds to be mixed into cash flow. US prosecutors pointed out that some of Prince Group's fraudulent proceeds were laundered through its gambling operations before flowing into legitimate accounts. Huione Group has been identified as one of the core channels through which Chen Zhi secretly operated massive financial flows in Hong Kong and Southeast Asia. Huione Group claims to provide leading financial technology services, including electronic payments (HuionePay). According to multiple sources, Huione's founder was a former financial manager under Chen Zhi in his Prince Group, thus maintaining a close relationship with him. FinCEN disclosed that between August 2021 and January 2025, Huione Group assisted in laundering at least $4 billion in illicit funds, including approximately $37 million stolen from North Korean hackers, $36 million from cryptocurrency investment scams, and approximately $300 million related to other cybercrimes. Huione has even been called the "world's largest online black market" platform—an investigation by the US blockchain analytics firm Elliptic found that Huione had built a "one-stop crime platform" on Telegram, aggregating black market merchants selling malware, personal data, and money laundering services, primarily serving Southeast Asian cryptocurrency scam groups. Back in May 2015, Telegram had already banned all channels and groups related to HSBC, indicating the platform's long-standing notoriety. In this joint US-UK crackdown, HSBC Group was directly identified by FinCEN as a key hub in the Prince Group's money laundering network and was ordered by the US, under Section 311 of the Patriot Act, to sever any connection between it and the US financial system. The sanctions notice requires all financial institutions to prohibit opening or maintaining agent accounts for HSBC and to prevent it from indirectly accessing the US dollar system. Chen Zhi, through shadow financial institutions like HSBC, wove a vast money laundering network both overtly and covertly. Following the recent news of the US-UK sanctions, large numbers of Cambodians flocked to HSBC's offline currency exchange points, even selling their electronic cash at a 10% discount in an attempt to escape as quickly as possible. Some of the exposed affiliated companies Cryptocurrency and Cigars Bitcoin mining was the most "innovative" money laundering method in Chen Zhi's criminal network. The indictment reveals that Chen Zhi invested large sums of money obtained through fraud into cryptocurrency mining operations he controlled, thereby "mining" brand-new Bitcoins without any criminal taint. In this seemingly legitimate Bitcoin mining process, the original illicit funds were transformed into "clean" digital assets derived from blockchain rewards, attempting to sever the link between the funds and the crime. Even more noteworthy is Chen Zhi's quiet acquisition of a stake in Habanos SA, the world's largest Cuban cigar company. Habanos is a cigar monopoly jointly owned by the Cuban government and Spain, holding exclusive distribution rights for high-end cigar brands worldwide. In 2020, British tobacco giant Imperial Brands decided to sell its high-end cigar business, including a 50% stake in Habanos. Chen Zhi, through Hong Kong-registered Allied Cigar Corporation, acquired this stake for €1.04 billion that year. Following the transaction, Allied Cigar underwent frequent structural changes within months. In April, the shares were transferred to Allied Cigar Fund LP, a fund registered in the Cayman Islands. In May, the company was renamed Instant Alliance Ltd., and in November, the shares were transferred to an individual named Zhang Pingshun. The company was dissolved in June 2021. This series of dazzling changes made it difficult for outsiders to identify the actual beneficiary behind Habanos. In late 2023, Gothenburg police in Sweden obtained documents (file number MKN-2025–5445) during an investigation into a cigar smuggling case, revealing the shareholding structure of Habanos Nordic, which involved Chen Zhi and a Hong Kong company, Asia Uni Corporation Ltd. The Swedish cigar media outlet Cigar World published the police document, confirming that Chen Zhi indirectly controlled 50% of Habanos' shares through multiple layers of companies (including Asia Uni, a Hong Kong-based company). Asset recovery and fund destination To date, in addition to the aforementioned massive amount of Bitcoin seized by the US, law enforcement agencies are also tracking the whereabouts of other assets of the Chen Zhi Group. For example, the US Department of Justice is seeking civil seizure of Chen Zhi's assets and bank accounts in the US and has issued an arrest warrant for him. Properties frozen in the UK are awaiting court rulings for confiscation. Under international pressure, Cambodian authorities have stated that they will cooperate with foreign law enforcement if there is sufficient evidence and will not protect violators. However, the Cambodian government has not yet taken action against Chen Zhi himself, and the apparent operations of his domestic companies remain largely unaffected. The Prince Group has even publicly denied all allegations, claiming it was due to "criminals misappropriating his name." Attempts by some Prince Group executives to transfer assets are also underway; for example, the Hong Kong-listed company involved hastily clarified its separation from Chen Zhi. According to the Hong Kong Economic Journal, Hong Kong police announced that they have frozen assets of a group suspected of international telecommunications fraud and money laundering, involving HK$2.75 billion. Although not named, it is known that this group is related to Chen Zhi, the founder of the Cambodian Prince Group. Police indicated that the frozen assets included cash, stocks, and funds, which they believed to be proceeds of crime. The global capital network woven by Chen Zhi and his Prince Group has been dismantled layer by layer by law enforcement agencies in multiple countries. This network, through a model of "fraud parks — underground banks — Bitcoin mining farms — shell companies — luxury goods," facilitated the cross-border flow and laundering of illicit gains from Southeast Asia to Europe and America. From luxury homes in Hong Kong and office buildings in London to shares in a Cuban cigar company and tens of thousands of Bitcoin wallets, all reveal alarming traces of wealth transfer. Behind this wealth lies the blood and tears of hundreds of thousands of victims who have lost everything, and the suffering and forced labor of tens of thousands who have been trafficked, imprisoned, and forced into labor. Just as Herman Karl Ram established the "industry standard" for 20th-century American robbers, Chen Zhi and his affiliated group may have demonstrated to the public how 21st-century offshore capitalism can use geographical advantages and emerging technologies to launder large sums of gray income. However, Web3 is not a lawless zone. Although the gray market once attempted to evade regulation by leveraging the decentralization and anonymity of blockchain, they will ultimately face systemic liquidation due to on-chain transparency. This traceability, in turn, provides an unprecedented technological foundation for global anti-money laundering and anti-fraud efforts.

2025/11/24

‘More Orange’: Saylor Sends Buy Signal as Bitcoin Nosedives and Leverage Flushes

The post ‘More Orange’: Saylor Sends Buy Signal as Bitcoin Nosedives and Leverage Flushes appeared on BitcoinEthereumNews.com. Strategy signaled renewed bitcoin

2026/02/02

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