Chinese authorities have extradited Li Xiong, a key alleged money mover for major crypto scam rings, from Cambodia to face charges. Xiong, the former chairman of the Huione Group, is linked to a criminal syndicate accused of operating “pig butchering” scams and handling over $89 billion in crypto assets. His extradition follows the arrest of syndicate head Chen Zhi and a $15 billion Bitcoin seizure by the U.S. Department of Justice.
Li Xiong, a core member of an alleged criminal syndicate, has been extradited from Cambodia to China. He will face fraud and money laundering charges related to moving money for crypto scam operations.
A task force from China’s Ministry of Public Security escorted Xiong from Phnom Penh on April 1. The operation was conducted with support from Cambodian authorities.
Xiong previously served as chairman of Huione Group. The group is accused of serving scam centers in Cambodia that carried out “pig butchering” and other investment frauds.
Huione Group operated one of the world’s largest illicit online marketplaces. Research from Elliptic indicates it handled over $89 billion in cryptoassets.
His extradition comes three months after the arrest of syndicate head Chen Zhi. The U.S. Department of Justice seized 127,271 Bitcoin worth over $15 billion from Zhi in October.
In October, the U.S. Treasury’s Financial Crimes Enforcement Network also took action. It directed U.S. banks to sever ties with the Huione Group.
Chinese authorities state that several other syndicate members have been brought to justice. They warn remaining fugitives to surrender.
“Public security authorities will continue to intensify efforts to capture fugitives,” officials stated. “They once again warn criminals to recognize the situation, stop before it is too late, surrender as soon as possible, and strive for lenient treatment.”
