China Repatriates Former Huione Group Chairman Li Xiong From Phnom Penh
Caixin reports Li Xiong was a core Prince Group figure and former Huione chairman, while Elliptic says Huione Guarantee and its merchants received more than $24 billion in crypto since 2021.
China’s Ministry of Public Security said Li Xiong was repatriated from Phnom Penh on April 1 in a cross-border law enforcement operation tied to alleged gambling, fraud, illegal business activity, and money laundering. The updated report identifies Li as a core Prince Group figure and former Huione chairman, and notes he founded Cambodia-based Huione Pay PLC in 2018. Caixin, citing blockchain analytics firm Elliptic, reported that Huione Guarantee and its merchants received more than $24 billion in cryptocurrency since 2021 and described the platform as the largest online illicit marketplace on record. The case remains under investigation.
- Huione Guarantee: A Huione-linked platform that Elliptic said received large volumes of cryptocurrency through associated merchants and described as an illicit online marketplace.
- Cryptocurrency: A digital asset that uses blockchain-based networks to transfer and store value without relying on traditional payment systems.
- Blockchain analytics: The examination of blockchain transaction data to trace wallet activity, map fund flows, and investigate potentially illicit financial behavior.