Global Crackdown on Crypto Fraud Network Targets Prince Group

The U.S. and UK have joined forces to take down a major cryptocurrency fraud network allegedly led by Chen Zhi, targeting the Prince Group. This unprecedented crackdown highlights the global fight against crypto-based crime. The group is accused of exploiting individuals through financial scams like “pig butchering” before laundering money through illicit channels. Authorities are focusing on affiliated companies like Huione Group and Byex Exchange to dismantle their operations. This follows strict sanctions imposed by the U.S. Treasury Department and the UK’s Foreign Office, aiming to disrupt the network.