Li Xiong, a senior figure within the Chen Zhi criminal syndicate, has been extradited to China from Phnom Penh, Cambodia, where he will face charges of fraud and money laundering. The operation was carried out on April 1 by a task force dispatched by China’s Ministry of Public Security, with cooperation from Cambodian authorities. The development was reported by Hong Kong-based outlet Ta Kung Wen Wei, citing a statement published on WeChat by the Chinese ministry.
Xiong previously served as chair of Huione Group, an organization accused of operating one of the largest illicit online marketplaces in the world. The group is alleged to have processed over $89 billion in cryptoassets and provided services to scam centers across Cambodia. These centers conducted so-called “pig butchering” scams and other fraudulent investment schemes designed to steal cryptocurrency from victims globally.
The extradition follows the earlier arrest of Chen Zhi, the head of Prince Group, which operates Huione Group. Zhi was arrested approximately three months before Xiong’s extradition. In October, the US Department of Justice was reported to have seized 127,271 Bitcoin worth more than $15 billion connected to Zhi.
Also in October, the US Treasury Department‘s Financial Crimes Enforcement Network directed American banks to sever payments and close accounts linked to Huione Group. The move signaled a coordinated international effort to dismantle the financial infrastructure supporting the syndicate’s operations. These actions reflect growing pressure from multiple governments on networks facilitating large-scale crypto-related crime.
Ta Kung Wen Wei reported that several other members of Zhi’s criminal network have also been brought to justice in succession, citing statements from Chinese public officials. Authorities indicated that efforts to apprehend remaining fugitives would continue to be intensified. Officials issued a warning to those still at large, urging them to surrender voluntarily and seek more lenient treatment before it is too late.
Originally reported by CoinTelegraph.
