Former Huione Group Leader Returned to China Following Cambodia Arrest
The Huione Group is accused of providing services to cryptocurrency scam operations in Cambodia that executed "pig butchering" schemes and various other fraudulent activities targeting crypto holders.
Li Xiong, an influential figure within an organization that provided support to cryptocurrency fraud operations across Asia, has been transferred to China following his detention in Cambodia, where he is set to face allegations of fraud and money laundering, as reported by Hong Kong-based news source Ta Kung Wen Wei.
"With the considerable assistance from relevant Cambodian authorities on April 1, a specialized task force dispatched by China's Ministry of Public Security successfully brought Li Xiong, a critical core figure in the Chen Zhi criminal organization, back to China from Phnom Penh, Cambodia," the publication reported on Wednesday, referencing an official statement from China's Ministry of Public Security posted on WeChat.
Li Xiong held the position of chairman at Huione Group, a purported cryptocurrency criminal enterprise that provided support to scam operations based in Cambodia, which executed "pig butchering" frauds and additional investment fraud schemes designed to steal cryptocurrency from victims across the globe.
The Huione Group operated what was one of the world's most extensive illegal online marketplaces, processing more than $89 billion worth of cryptoassets.
The extradition of Li Xiong occurred three months following the detention of Chen Zhi, who leads Prince Group, the parent organization of Huione Group. Last October, reports indicated that the US Department of Justice confiscated 127,271 Bitcoin (BTC) valued at over $15 billion from Zhi.
In October, the Financial Crimes Enforcement Network, part of the US Treasury Department, issued directives to US banking institutions to sever payment processing and accounts associated with the Huione Group.
Authorities ask other Huione members to surrender
According to Ta Kung Wen Wei, multiple additional members belonging to Zhi's criminal organization have been apprehended and brought to justice "one after another," based on statements from Chinese public officials.
"Public security authorities will continue to intensify efforts to capture fugitives," the report stated, 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."