April 13, 2026
By Anjali Kochhar
Chinese authorities have captured a key associate linked to the controversial Prince Group, a conglomerate alleged to be connected to one of the world’s largest crypto scam networks involving billions of dollars in digital assets.
According to a report by The Business Times, Chinese law enforcement recently took into custody Li Xiong, a senior figure believed to be tied to operations linked to the Cambodia based Prince Group. Investigators say the network is suspected of handling around US$24 billion in cryptocurrency transactions that may be connected to fraud, illegal gambling, and money laundering activities.
Li Xiong was reportedly extradited from Cambodia to China as part of a broader crackdown by Chinese authorities on transnational cybercrime and financial fraud networks operating across Southeast Asia. Officials described him as a key member of the criminal organization that allegedly facilitated large scale online scams through crypto payment systems.
Authorities believe the network used digital asset platforms and payment channels to move large amounts of funds across borders while avoiding traditional financial monitoring systems. Investigators say the system enabled criminal groups to collect proceeds from online fraud schemes targeting victims in multiple countries.
The case is also linked to the wider investigation into Prince Group, a business conglomerate with interests in real estate, finance and hospitality. The group has previously faced scrutiny from international authorities over allegations that some of its affiliated operations were connected to online scam compounds and money laundering networks.
Law enforcement agencies across Asia and other regions have increasingly focused on dismantling these digital crime networks. Officials say the rise of cryptocurrency has made it easier for criminal organizations to move funds quickly across borders, complicating enforcement efforts.
The arrest of Li Xiong marks another step in the investigation as authorities attempt to track down individuals involved in the alleged scheme and recover illicit assets. Analysts say cases like this highlight the growing importance of international cooperation in tackling crypto related crimes that operate across multiple jurisdictions.
Chinese authorities have indicated that further investigations are ongoing and more arrests could follow as officials work to uncover the full scope of the network and its financial operations.
