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Former head of Huione Group extradited to China on money laundering charges., 2026/04/02 11:15:51
The Cambodian police have extradited Li Xiong, the former chairman of the cryptocurrency firm Huione Group, to China. Investigators allege his involvement in orchestrating fraudulent cryptocurrency schemes across Asia and the illicit transfer of funds.
The Ministry of Public Security of the People’s Republic of China announced the impending charges of fraud and money laundering. Chinese authorities also reported the detention of additional Huione Group employees, though their identities and positions remain undisclosed.
According to the investigation, Huione Group supported fraudulent centers in Cambodia that employed fake cryptocurrency investment schemes (“pig butchering”) and other methods to defraud users globally.
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Law enforcement data indicates that Huione Group established a network of subsidiaries, including the payment service Huione Pay, the cryptocurrency platform Huione Crypto, and the online marketplace Haowang Guarantee (formerly Huione Guarantee). The latter is reported to have been utilized for trading illegal goods and services, with a total processed volume of cryptocurrency assets exceeding $89 billion.
The investigation also links Li Xiong and Huione Group to the Prince Group syndicate. Its leader, Chen Zhi, was arrested three months ago. In October, the U.S. Department of Justice confiscated 127,271 BTC from him, valued at over $15 billion.
In the same month, the Financial Crimes Enforcement Network (FinCEN) under the U.S. Department of the Treasury mandated American banks to cease processing payments and close accounts associated with Huione Group.
Amid the investigation, in December, the Cambodian platform Huione Guarantee—a subsidiary of Huione Group and an escrow service for cryptocurrency transactions in Southeast Asia—shut down its branches in Phnom Penh and suspended fund withdrawals.
