China has taken custody of Li Xiong, a key figure linked to the Huione Group, a massive crypto scam network. He was extradited from Cambodia to face fraud and money laundering charges.
Authorities say Li Xiong was part of a syndicate that helped scam rings launder illegal funds across Asia. He previously served as chairman of Huione Group, which backed “pig butchering” schemes and other crypto investment frauds.
The Huione network has been tied to one of the largest illicit online marketplaces, reportedly moving more than $89 billion in crypto connected to scams.
Li Xiong’s arrest comes months after Chen Zhi, head of Prince Group that ran Huione, was detained. U.S. authorities also seized over 127,000 Bitcoin linked to Zhi’s operations. Several other syndicate members have reportedly been arrested.
Despite enforcement efforts, the network has resurfaced under new domains and remains active on platforms like Telegram. U.S. regulators had labeled Huione a major money laundering concern and blocked financial institutions from processing its transactions.
Chinese officials escorted Li Xiong back from Phnom Penh, Cambodia, according to a statement from China’s Ministry of Public Security. Hong Kong media outlet Ta Kung Wen Wei reported the news via WeChat.
The arrests highlight ongoing efforts in Asia and internationally to crack down on crypto scams and protect investors from large-scale fraud.
