Li Xiong, a senior figure at Huione Group-which sounds suspiciously like a Bond villain’s side project involving imaginary lasers and very real money laundering-has been extradited to China from Cambodia.
“On April 1, thanks to an impressive level of coordination that would make even a Vogon proud, the Ministry of Public Security swooped in with the grace of a slightly over-caffeinated interstellar mail courier and escorted Li Xiong, a core member of the Chen Zhi criminal group, back home from Phnom Penh, Cambodia,” reported a news outlet that clearly enjoys a bit of dramatic flair.
Follow us on X to get the latest news as it happens-because apparently, even the universe’s most sophisticated criminals cannot escape social media notifications.
Following Chen Zhi, Li Xiong, the chairman of Huione, Southeast Asia’s largest cryptocurrency money laundering network (and possibly its only one with a sense of style), was extradited from Cambodia to China to stand trial.
Chen Zhi had previously had 127,000 bitcoins seized by the US government, which probably caused him to momentarily consider a career in underwater basket weaving instead.
– Wu Blockchain (@WuBlockchain) April 1, 2026
According to media reports, Li Xiong is suspected of a laundry list of offenses ranging from operating casinos to fraud, illegal business activities, and disguising criminal proceeds-because why do anything small when you can do everything spectacularly?
“A relevant official from the Ministry of Public Security stated that several core members of the Chen Zhi criminal syndicate have already been apprehended. Law enforcement authorities will continue to intensify efforts to capture remaining fugitives,” the report added, which is government-speak for “we’re still chasing the ones who didn’t get caught while we were writing this statement.”
Authorities nabbed Chen Zhi, chairman of Prince Group, the corporate parent of Huione, about three months ago. Reports from October revealed that the US Department of Justice confiscated over 127,000 Bitcoin (BTC) linked to Zhi, causing a temporary panic in imaginary crypto unicorn markets.
Huione Group has faced sanctions from multiple governments, including the United States, the United Kingdom, and South Korea-because apparently breaking the law is frowned upon almost everywhere except in certain particularly chaotic corners of the galaxy.
In October, the US Treasury’s Financial Crimes Enforcement Network (FinCEN) commanded US financial institutions not to open or maintain a correspondent account for, or on behalf of, Huione Group. Their words, not mine. And yes, the financial institutions nodded politely and did as instructed.
According to FinCEN’s findings, the group received at least $4 billion in illicit funds between August 2021 and January 2025, which is roughly enough money to buy a very small moon or a slightly used starship.
Meanwhile, Chainalysis data suggests that the wider ecosystem remains as resilient as a cup of tea in the middle of a hurricane. Chinese-language money laundering networks (CMLNs) processed $16.1 billion in 2025, accounting for about 20% of illicit crypto funds over the past five years-proof that if you hide enough digital money, the universe eventually forgets it exists.
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2026-04-02 12:15