fascinating history of the rise and fall of one of the world's top scam lords operating out of #Cambodia, Prince Group CEO Chen Zhi from one of the incredibly brave Cambodian reporters on the ground who've been tracking the takeover of the country by Chinese organized crime, funded by crypto scams.

Zhi was just arrested and extradited (to china) and the US government seized $13 billion worth of his #bitcoin a few months ago (China got the man, US got the bitcoins).

#PrinceGroup and the massive #pigbutchering cyberscam slave compounds Chen Zhi operated are among the biggest users of #Tether's #stablecoin #USDT on Trump business partner #JustinSun's blockchain #Tron.

https://huangyan.substack.com/p/the-rise-and-fall-of-chen-zhi

#ChenZhi #PrinceGroup #HuionePay #HuioneGuarantee #crypto #uspol #vietnam #Myanmar #infosec #scam #scams #fraud #corruption #asean #organizedcrime #PhnomPenh #HunSen #mafia #chineseMafia #Sihanoukville

there's an old fashioned run on the bank currently underway at one of #Tether's biggest customers: Cambodia's infamous #Huione / #HuionePay / #HuioneWallet / #Xinbi.

According to TRM Labs Huione-linked wallets have received almost $100 billion #USDT since 2021. That’s roughly four nimitz class nuclear powered aircraft carriers worth of Tether’s USDT token.

https://kiripost.com/stories/scores-of-houione-wallet-users-rush-to-cash-out-money-as-the-us-moves-to-cut-the-group-off-its-financial-system

#PrinceGroup #moneylaundering #Tether #crypto #cryptocurrency #stablecoin #Cambodia #myanmar #Vietnam

a few weeks ago right before #Israel attacked #Iran #Tether froze a #Tron wallet that had over the course of a year managed to receive almost $2 billion, at least $1.2 bn of which came from #Binance (which historically did huge business in Iran).

there was only $2.5 million in the wallet at the time of the freeze but in terms of how much money flowed through it, it's the 4th highest volume wallet ever frozen.

based on the fact that another wallet frozen ca. the same time w/similar usage patterns turned out to be linkable to #Hezbollah, the govt of #Iran, and a dark market for nation state sized orders of weapons & #drugs (#HuionePay / #HuioneGuarantee), I have a hunch this wallet was also used by the #IRGC to fund its proxies in the region like the #Houthis and #Hezbollah and #Israel has chosen not to disclose that it was responsible for the seizure yet.

* arkham view of wallet: https://intel.arkm.com/explorer/address/TPAUZAQFjhPvbNdSp22KqzSHHkAvKLgXjn
* similar wallet: https://universeodon.com/@cryptadamist/114746678768755105

#Huione #JustinSun

"Huione Pay, the banking arm of what’s been called the world’s 'largest ever illicit online marketplace' (#HuioneGuarantee) has been stripped of its banking license, the National Bank of #Cambodia confirmed to RFA this week."

There's been previous reports of tens of billions of dollars moving through Huiones "anything goes" marketplace for weapons, drugs, slaves, etc. so this is possibly an interesting escalation in the crackdown on Chinese organized crime in southeast asia that seems to have been orchestrated by the #PRC (though some are sceptical if it will end up making any real difference give Huione connections to the Cambodian government).

https://www.rfa.org/english/cambodia/2025/03/06/huione-cambodia-cyberscam-cryptocurrency/

#PigButchering #Huionepay #SEAsia #scams #Crime #fraud #asiapol #myanmar #thailand #laos