US and UK governments seize 21 trillion won in coins from Cambodia-based organization

Sanctions on online fraud ring 'Prince Group'

Chairman indicted, related companies' assets frozen

The United States and the United Kingdom have imposed sanctions on 'Prince Group' and others that have been operating online fraud, human trafficking, forced labor, torture and more, based in Cambodia and elsewhere.

The U.S. Department of the Treasury on the 14th (local time) designated Prince Group as a 'transnational criminal organization' and said it had implemented a total of 146 sanctions against related individuals and entities, including Chairman Chen Z. On the same day, the U.S. Department of Justice indicted Chairman Chen Z. on charges of online financial fraud and money laundering. If convicted, he could face up to 40 years in prison. The DOJ also filed a lawsuit to seize 127,271 Bitcoins worth $15 billion (about 21 trillion won) owned by Chairman Chen Z. This is expected to be the largest cryptocurrency seizure in the history of the U.S. Department of Justice.

The U.K. government also sanctioned Prince Group and related companies on the same day. The sanctions list included leisure and entertainment company Jinbei Group, which is linked to Prince Group, and cryptocurrency platform Byex exchange. The U.K. government immediately froze the assets of these businesses and barred related individuals, including Chairman Chen Z., from using the U.K. financial system. Chairman Chen Z. is reported to own a mansion and 17 apartments in London worth £12 million (about 23 billion won).

Reporter Im Dayeon allopen@hankyung.com