In a significant escalation against international cybercrime, the United States and the United Kingdom have conducted their most extensive joint operation to date, targeting criminal organizations in Southeast Asia.
According to a statement released on Tuesday by the U.S. Department of the Treasury, the coordinated action aims to dismantle large-scale online scam and human trafficking networks headquartered in Cambodia, accused of orchestrating fraudulent schemes that have siphoned billions from victims across the globe.
The move was led by the U.S. Treasury’s Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN), in partnership with the UK’s Foreign, Commonwealth, and Development Office (FCDO).
Authorities introduced wide-ranging sanctions against the Prince Group Transnational Criminal Organization (Prince Group TCO) and implemented sweeping financial restrictions on the Huione Group—effectively severing its access to the U.S. financial framework due to its alleged role in laundering billions in criminal proceeds.
The Prince Group TCO, whose operations are controlled by Cambodian national Chen Zhi, is alleged to have constructed an extensive criminal enterprise centered on digital investment fraud, extortion, and trafficking of individuals.
A major development underpinning the urgency of this crackdown is the seizure of over USD 15 billion worth of bitcoin by U.S. authorities. The Department of Justice has linked these confiscated crypto assets to large-scale digital investment frauds, including “pig butchering” schemes orchestrated by the Prince Group and its affiliates, highlighting the global scope and technical sophistication of these criminal operations.
OFAC has sanctioned 146 entities and individuals linked to this network, encompassing notable firms such as Prince Holding Group, Prince Bank Plc, and a series of associated shell companies with cross-border activities. British authorities simultaneously levied parallel measures against Chen Zhi and his collaborators.
The Huione Group laundered at least USD 4 billion between 2021 and 2025, channeling funds linked both to notorious “pig butchering” scams and high-profile North Korean cyber thefts, as revealed by FinCEN. Under the new rule, all U.S. financial institutions are forbidden from processing transactions involving Huione.
U.S. Treasury Secretary Scott Bessent stated that transnational fraud orchestrated from such networks has inflicted losses exceeding USD 16 billion on American individuals, with Prince Group’s activity representing a substantial portion. He noted that the action is about safeguarding U.S. citizens by confronting overseas scammers head-on.
Authorities also linked various Prince Group properties across Cambodia to severe human rights abuses, including trafficking, forced labor, and maltreatment of victims recruited under false pretenses. Many of those exploited were enticed by counterfeit employment offers, only to be coerced into conducting fraudulent online operations under physical threat.
Notably, Jin Bei Group—a luxury casino and hotel chain affiliated with the Prince network—was among the most infamous sites, which has been associated with instances of extortion, forced labor, and the 2023 killing of a Chinese national.
