China Extradites Head of $89 Billion Crypto Scam Network from Cambodia

* China extradites Li Xiong, ex-chairman of the alleged criminal syndicate Huione Group, from Cambodia. * Authorities accuse the Huione Group of laundering over $89 billion through cryptocurrency scams, including "pig butchering" schemes. On April 2, 2026, Ta Kung Wen Wei reported that Cambodia extradited Li Xiong to China, where he will face charges of money laundering and fraud. As the former chairman of the Huione Group, he is a central figure in an alleged multinational criminal operation, and his extradition marks a pivotal step in the international effort to dismantle the group. Authorities accuse the organization of facilitating billions of dollars in illicit financial flows through crypto-based schemes. This action follows the extradition of Chen Zhi, the alleged head of the Huione Group and its parent company, Prince Group, in January 2026. Chinese officials confirmed that they now hold several members of this network in custody. Meanwhile, investigations suggest the group laundered proceeds from cybercriminal activities, including "pig butchering" scams—elaborate cryptocurrency investment frauds. A report from the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) stated that the Huione Group managed over $89 billion in cryptocurrency assets, with at least $4 billion of these funds traced to illicit activities between August 2021 and January 2025. International cooperation has driven significant actions against this network. For instance, in October 2025, the U.S. Department of Justice disrupted the group’s financial operations by seizing a substantial amount of Bitcoin linked to Chen Zhi. Furthermore, FinCEN designated the Huione Group as a "primary money laundering concern," which prompted U.S. financial institutions to terminate their relationships with the entity to prevent further criminal activity. According to CoinMarketCap, Bitcoin (BTC) traded at $66,355.29 as of 11:08 UTC on April 2. Its 24-hour trading volume decreased by 3.169%.