Top figure in $15 billion Bitcoin scam network arrested in Osaka

The Japanese police arrest Hu Xiaowei, also known as Hu Shi, a prominent figure within the notorious Prince Group. This organisation is known as one of the largest transnational scam networks in Asia and is linked to a Bitcoin fraud of no less than $15 billion. The arrest takes place in Osaka, after Japanese investigative services managed to track his activities in the country.

Bitcoin is available at OKX and Bybit.

How the police tracked down Hu Xiaowei

According to Asahi Shimbun, the Japanese police have known for some time that Hu is moving around Japan, but his exact whereabouts have long been unknown. Investigators state that he is active within the country and set up a targeted search operation. After searching several luxury hotels in Osaka, agents recognise him on security camera footage, after which they arrest him in the same city.

The formal reason for the arrest is submitting a false residence declaration. Meanwhile, the police are investigating his broader activities and the operations of Prince Group in Japan. The Metropolitan Police Department is leading the investigation into the full extent of the case.

Prince Group and the connection with Bitcoin fraud

The chairman of Prince Group was previously arrested in Cambodia, where the organisation has an important operational centre, and subsequently extradited to China. The group is on the sanctions list of US authorities, along with 146 related entities. The allegations focus on involvement in online investment fraud and so-called pig butchering scams, where victims are lured through fake romantic relationships into investing in crypto before their money disappears.

The arrest of Hu Xiaowei fits into a broader series of developments around crypto and crime in Japan and the US. The Bitcoin price is currently at $64.066. a decline of 0.1% in the past 24 hours.