US Treasury sanctions 45 more targets linked to Prince Group crypto scam network

On November 5, 2026, the U.S. Treasury Department designated four individuals and 41 entities linked to Cambodia's Prince Group in its third sanctions tranche, bringing total sanctioned targets to 226. The action targets offshore corporate networks across Hong Kong, the BVI, and Singapore used to launder money from compound-based pig butchering scams. While Prince Group denies guilt, U.S. prosecutors seek the forfeiture of $14 billion in Bitcoin, alongside asset seizures and extraditions by Chinese and Cambodian authorities.

Scope of the November 2026 sanctions

• ▪The U.S. Treasury's November 5, 2026 sanctions action targeted corporate vehicles linked to Prince Group across the British Virgin Islands, Hong Kong, Cambodia, Singapore, Mauritius, and Malaysia
• ▪The U.S. Treasury Department's OFAC sanctioned four individuals and 41 entities connected to Cambodia-based Prince Group
• ▪The November 5, 2026 designations brought the total number of U.S. sanctioned individuals and entities linked to Prince Group to 226, following earlier tranches in October 2025 and June 2026

Roles of specific sanctioned individuals

• ▪The four individuals sanctioned by the U.S. Treasury on November 5, 2026 were Qiu Yong, Zhao Mengyao, He Yujing, and Visal Pang
• ▪Visal Pang was designated by the U.S. Treasury for controlling 11 Cambodian companies linked to Prince Group executive Chen Bo across construction, logistics, hotel management, and a mobile super app

U.S. legal actions against Prince Group

• ▪U.S. federal prosecutors initiated civil forfeiture proceedings to recover approximately 127,271 Bitcoins, valued at about $14 billion to $15 billion, connected to Prince Group
• ▪In October 2025, U.S. federal prosecutors in Brooklyn charged Prince Group chairman Chen Zhi with wire fraud and conspiracy to commit money laundering

Cambodian government action against Prince Group

• ▪Following the arrest of Chen Zhi, Cambodian authorities revoked his citizenship and placed Prince Group's financial institution, Prince Bank, into liquidation
• ▪Prince Group chairman Chen Zhi was arrested in Cambodia in January 2026 and extradited to China to face criminal investigation regarding cross-border gambling and fraud syndicates
• ▪Cambodian authorities froze casinos, real estate, and other assets valued at nearly $1 billion associated with Prince Group, while Prince Group maintained its innocence regarding fraud allegations

Human trafficking and scam operation claims

• ▪Interpol declared scam compound networks a global threat due to their widespread reliance on human trafficking, forced labor, and online financial fraud
• ▪U.S. authorities alleged that workers in Cambodian compounds controlled by Prince Group were forced to conduct pig butchering cryptocurrency investment and romance scams against international victims

Global financial losses from crypto scams

• ▪The Financial Crimes Enforcement Network identified $12.7 billion in reported financial activity linked to suspected cryptocurrency investment scams between September 2023 and December 2025
• ▪A UN Office on Drugs and Crime report estimated that scam operations across East Asia, Southeast Asia, Australia, and New Zealand cost victims between $88.3 billion and $114.1 billion in 2025