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Singapore Family Office Linked to Cambodian Crypto Scam Ring Under Investigation

Singapore Family Office Linked to Cambodian Crypto Scam Ring Under Investigation

Author:

Global Cryptocurrency

Published:

2025-10-16 15:23:02

8

3

BTCCSquare news:

US prosecutors have sanctioned Chen Zhi, CEO of a Cambodian scam ring, along with several associates including three Singaporean citizens, for laundering billions through cryptocurrency. The operation employed 'pig butchering' tactics—luring victims into fake investment platforms before draining their funds.

Singapore's Monetary Authority (MAS) is now scrutinizing DW Capital Holdings Pte, a single-family office co-founded by Chen in 2018, which falsely claimed a 13X tax incentive from the regulator. The firm allegedly used shell accounts and digital wallets to clean proceeds from the scam.

Authorities are examining how the network exploited Singapore's stringent financial system. No direct cryptocurrency or exchange mentions were identified in the context of this scheme.

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