Huione Group Senior Figure Extradited to China Amid Money Laundering Allegations

Li Xiong, a senior figure at Huione Group, has been extradited from Cambodia to China after being accused of various offenses. According to reports, Li is suspected of operating casinos, committing fraud, and engaging in illegal business activities, as well as disguising criminal proceeds.

The extradition comes after the arrest of Prince Group founder Chen Zhi, who was taken into custody roughly three months ago. Huione Group has faced sanctions from multiple governments, including the US, UK, and South Korea, due to its alleged involvement in money laundering activities.

US authorities previously seized over 127,000 Bitcoin linked to Chen Zhi, with reports suggesting that Huione Group received at least $4 billion in illicit funds between August 2021 and January 2025. The group has been accused of being a key player in Chinese-language money laundering networks (CMLNs), which processed around 20% of illicit crypto funds over the past five years.