US Targets Cambodian Conglomerate and Huione Group in Fraud Crackdown

Treasury Secretary Scott Bessent identified the Prince Group as a central player in a criminal ecosystem that spans real estate, banking, and airlines. The sanctions follow a broader crackdown on the Huione Group, which allegedly provided the technological backbone to move and conceal stolen proceeds. As part of this effort, the U.S. Justice Department seized a cloud computing account used by Huione subsidiaries to bridge the gap between illicit cryptocurrency gains and the traditional banking sector.

Evidence points to the use of Telegram channels by the Huione Guarantee platform to facilitate human trafficking and the sale of stolen financial data. FBI Assistant Director Brett Leatherman described the account seizure as a victory for Operation Riptide, noting that cutting off this infrastructure hinders the ability of criminals to profit from their activities. Among those sanctioned is Hu Xiaowei, identified as the second-in-command of the Prince Group, who allegedly managed funds through multiple British Virgin Islands shell companies. This action builds on the 2025 arrest and extradition of the group's leader, Chen Zhi, to China following a joint international investigation.