In brief
- Chinese authorities took Huione Group’s former chairman Li Xiong into custody after Cambodia deported him to China.
- U.S. regulators previously accused Huione of processing at least $4 billion in illicit funds tied to scams and cybercrime.
- Investigators say the firm’s crypto and payment services helped criminal networks move stolen cryptocurrency.
Chinese authorities have arrested the former chairman of Cambodian conglomerate Huione Group, a company U.S. regulators say processed billions of dollars tied to scams, cybercrime, and other illicit cryptocurrency activity.
According to China’s Ministry of Public Security, Li Xiong was identified as a core member of a criminal organization involved in cross-border gambling and…
