US, UK freeze over US$4 billion in assets tied to Cambodia-based cyber scam network
Washington and London have jointly sanctioned Cambodia-based Prince Group and cut Huione Group off from the US financial system for laundering billions from cyber scams linked to human trafficking and North Korea.
- The United States and the United Kingdom have launched a coordinated operation freezing over US$4 billion in assets tied to a Cambodia-based cybercriminal and human trafficking network.
- Sanctions target the Prince Group Transnational Criminal Organization, led by Chen Zhi, and the Huione Group, which was cut off from the US financial system for laundering at least US$4 billion from scams and North Korean cyber heists.
- The network is accused of running massive online investment scams, known as "pig butchering," and operating compounds where trafficked victims were tortured and forced to commit fraud.
- The US Treasury has blacklisted 146 entities linked to the network, including Prince Holding Group and Prince Bank Plc, prohibiting any US persons or institutions from conducting transactions with them.
The US Department of the Treasury reported on Tuesday (October 14) that the United States and the United Kingdom have launched their largest-ever coordinated operation against cybercriminal networks in Southeast Asia, targeting Cambodia-based groups accused of running massive online scams and human trafficking rings that have defrauded victims worldwide of billions of dollars.
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN), in coordination with the UK’s Foreign, Commonwealth, and Development Office (FCDO), announced sweeping sanctions against the Prince Group Transnational Criminal Organization (Prince Group TCO) and financial restrictions on the Huione Group, which was cut off from the US financial system for laundering billions in illicit funds.
Led by Cambodian national Chen Zhi, the Prince Group TCO allegedly built a criminal empire through online investment scams, extortion, and human trafficking. OFAC has blacklisted 146 targets linked to Chen’s network, including Prince Holding Group, Prince Bank Plc, and affiliated shell companies spanning multiple countries. The UK simultaneously imposed matching sanctions on Chen Zhi and his associates.
FinCEN found that Huione Group laundered at least US$4 billion between 2021 and 2025, including funds from North Korean cyber heists and regional investment scams known as “pig butchering.” The new rule prohibits US financial institutions from processing any transactions linked to Huione.
US Treasury Secretary Scott Bessent said transnational fraud had cost Americans over US$16 billion, with the Prince Group’s operations representing a major share. “We are protecting Americans by cracking down on foreign scammers,” he said.
Authorities said Prince Group’s compounds across Cambodia were linked to human trafficking, torture, and forced labour. Victims, often lured by fake job offers, were forced to defraud others online and were subjected to physical abuse and confinement.
Among the most notorious sites was Jin Bei Group, a luxury casino and hotel chain under the Prince network, which has been tied to cases of extortion, forced labour, and the 2023 murder of a Chinese national.
The US also accused Chen Zhi’s network of expanding operations to Palau, leasing an island through the company Grand Legend International Asset Management Co. to develop resorts allegedly funded by illicit proceeds.
All assets linked to the sanctioned entities in the US are now frozen, and US persons are prohibited from conducting any transactions with them. The Treasury said today’s actions marked an unprecedented step to dismantle cyberfraud and human trafficking syndicates in the region.
Chen, 38, was indicted on October 8 in a Brooklyn federal court on charges of wire fraud conspiracy and money laundering conspiracy, according to court papers made public on Tuesday.
US prosecutors said Chen and his associates ran forced-labour camps in Cambodia where people were held against their will to carry out cryptocurrency investment fraud schemes. Chen then allegedly laundered the funds through online gambling and cryptocurrency mining companies.
Prosecutors said they had seized around 127,271 bitcoin, or $14.2 billion, in funds traceable from the crimes. They were now seeking court approval to take permanent custody of the bitcoin, in what they said was the largest forfeiture action in Department of Justice history.
Prince Group and Chen did not immediately respond to a request for comment.
