According to the release, the Treasury’s Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN), in coordination with the United Kingdom’s Foreign, Commonwealth, and Development Office, designated the Prince Group as a transnational criminal organization and cut off related entities from the U.S. financial system. The agencies say the Prince Group has been responsible for industrial-scale fraud and human trafficking schemes in Southeast Asia.

According to the Treasury, U.S. citizens lost more than $16 billion to online investment scams in recent years, with roughly $10 billion stolen in 2024 alone. Much of that activity, the department said, can be traced to Southeast Asian operations like the Prince Group, which allegedly ran fraudulent investment platforms that targeted victims through long-term relationship scams before disappearing with their money.

FinCEN’s latest action also finalized a rule under Section 311 of the USA Patriot Act to block Huione Group—a Cambodia-based financial conglomerate—from the U.S. financial system. The agency said Huione laundered more than $4 billion in illicit proceeds between 2021 and 2025, including cryptocurrency from North Korean hacks and online scams.

The Treasury identified Chen Zhi, 38, as the leader of the Prince Group Transnational Criminal Organization (TCO). The department alleged that Chen and his network operate “scam compounds” in Cambodia involving forced labor, torture, and sexual exploitation. These compounds allegedly lure workers with false job offers before coercing them into conducting fraud against victims worldwide.

Investigators also tied Chen’s network to high-end real estate, banking, and bitcoin mining ventures used to disguise illicit proceeds. Wei Qianjiang, one of Chen’s associates, reportedly managed Warp Data Technology Lao Sole Co., a Laos-based bitcoin mining operation that funneled digital assets into wallets controlled by Chen Zhi.

As part of the coordinated crackdown, the Treasury blocked 146 targets associated with the Prince Group, including offshore shell firms and luxury resort projects in Palau, as the U.S. and U.K. continue efforts to dismantle organized scam networks preying on Western investors.

• What is the Prince Group TCO?
  A Cambodia-based transnational criminal organization led by Chen Zhi, accused of global online fraud and human trafficking.
• Why is the U.S. seizing 127,271 bitcoin?
  Authorities allege the bitcoin was used to launder proceeds from “pig butchering” investment scams.
• What is Huione Group’s role in the case?
  The group is accused of laundering $4 billion in illicit crypto transactions tied to scams and North Korean cyber heists.
• Who coordinated the enforcement action?
  The U.S. Treasury, FinCEN, and U.K. Foreign Office jointly sanctioned the entities and individuals involved.

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