Huione crypto scam chairman extradited to China to face charges

Li Xiong, a key member of group that served crypto scam rings throughout Asia, has been extradited to China after his arrest in Cambodia, where he will face fraud and money laundering charges, according to Hong Kong-based news outlet Ta Kung Wen Wei.

**“**On April 1, with strong support from the relevant authorities in Cambodia, a task force sent by China’s Ministry of Public Security successfully escorted Li Xiong, a core key member of the Chen Zhi criminal syndicate, back to China from Phnom Penh, Cambodia,” it said on Wednesday, citing a statement from China’s Ministry of Public Security on WeChat.

Xiong previously served as chair of Huione Group, an alleged crypto crime organization that served scam centers in Cambodia that carried out “pig butchering” scams and other investment schemes to steal crypto from victims around the world.

Huione Group was responsible for one the largest illicit online marketplaces in the world, handling over $89 billion in cryptoassets.

_Source: _Jacob in Cambodia

His extradition comes three months after the arrest of Chen Zhi, the head of Prince Group, which operates Huione Group. In October, it was reported that the US Department of Justice seized 127,271 Bitcoin (BTC) worth more than $15 billion from Zhi.

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The US Treasury Department’s Financial Crimes Enforcement Network directed US banks to cut payments and accounts tied to the Huione Group in October.

Authorities ask other Huione members to surrender

Ta Kung Wen Wei noted that several other members of Zhi’s criminal syndicate have been brought to justice “one after another,” citing comments from Chinese public officials.

“Public security authorities will continue to intensify efforts to capture fugitives,” it said, adding:

“At the same time, they once again warn criminals to recognize the situation, stop before it is too late, surrender as soon as possible, and strive for lenient treatment.”

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• #Fraud
• #China
• #Cambodia
• #Scams
• #Money Laundering
• #Industry