Prince Group manager Hu Shi was taken into custody in Osaka on June 14, 2024, after Japanese authorities linked him to a fraudulent address change filed in April.
Arrest Details
Japanese police allege that Hu submitted a falsified residence form claiming a move to Tokyo, a step he said was intended to secure permanent residency. He asserted that the paperwork was prepared by his agent, not himself. Investigators view the deception as a violation of public record statutes.
Regulatory Context
Authorities connect Hu to the Office of Foreign Assets Control (OFAC) sanctions issued in October 2025, which designated Prince Group as a Transnational Criminal Organization among 145 entities. The same sanctions targeted Huione Group, a Cambodian financial conglomerate, with Treasury Secretary Scott Bessent warning that it had become a preferred venue for malicious cyber actors, including the DPRK, to steal billions from American investors. These designations underscore the broader crackdown on crypto‑related fraud and the misuse of blockchain platforms.
Market Impact
The Department of Justice filed a forfeiture action against Prince Group’s ringleader Chen Zhi, seizing 127,271 bitcoin