The United States indicts Chen Zhi, the leader of Asia's largest transnational criminal organization, for involvement in multi-billion dollar cryptocurrency fraud.
Foresight News reported that, according to the official website of the U.S. Department of the Treasury, the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury, together with the UK Foreign, Commonwealth & Development Office (FCDO), have launched the largest operation in history against Southeast Asian online scam syndicates, sanctioning Cambodia's Prince Group TCO (Chen Zhi) and cutting off Huione Group from the U.S. financial system. FinCEN issued a final rule under Section 311 of the USA PATRIOT Act, identifying that Huione laundered approximately $4 billions from August 2021 to January 2025, including about $37 millions in DPRK-related virtual currency and about $36 millions in investment scams. The U.S. has also indicted Chen Zhi, frozen the assets of involved entities (including Prince Holding Group, Prince Bank, and Jin Bei Group) in the U.S., and prohibited related transactions.
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