The United States indicts Chen Zhi, the leader of Asia's largest transnational criminal organization, for involvement in multi-billion dollar cryptocurrency fraud.
Foresight News reported that, according to the official website of the U.S. Department of the Treasury, the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury, together with the UK Foreign, Commonwealth & Development Office (FCDO), have launched the largest operation in history against Southeast Asian online scam syndicates, sanctioning Cambodia's Prince Group TCO (Chen Zhi) and cutting off Huione Group from the U.S. financial system. FinCEN issued a final rule under Section 311 of the USA PATRIOT Act, identifying that Huione laundered approximately $4 billions from August 2021 to January 2025, including about $37 millions in DPRK-related virtual currency and about $36 millions in investment scams. The U.S. has also indicted Chen Zhi, frozen the assets of involved entities (including Prince Holding Group, Prince Bank, and Jin Bei Group) in the U.S., and prohibited related transactions.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
These Alts Bleed the Most as Bitcoin (BTC) Settles Below $82K: Weekend Watch
New York Fed warns: Service sector input and sales prices surge, significant price pressure
A survey by the New York Federal Reserve shows that service sector input costs and prices in October rose sharply, while the business activity index fell to its lowest level since March. Businesses have turned pessimistic about the outlook, with increasing inflation and interest rate pressures.
Boeing (BA.US) Max 10 certification expected to be announced next week, adding new leverage for debt relief
The Boeing 737 Max 10 has completed key certification meetings and could be approved as early as next week. As Boeing's largest variant to rival Airbus, this model will help airlines replace aging 757s and is expected to become a cash cow for Boeing to reduce its debt.
Crypto prices
More
