China Extradites Alleged Crypto Scam Lieutenant in $15B Bitcoin Seizure Case

BTCC / BTCC Square / Global Cryptocurrency /

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2026-04-03 14:34:01

BTCCSquare news:

Chinese authorities have escalated their crackdown on a sprawling cryptocurrency fraud network, extraditing Li Xiong, former chairman of Huione Group, from Cambodia to face charges. The move follows January's seizure of 127,000 BTC (worth $15B+) from Chen Zhi, the alleged mastermind behind the operation.

The syndicate operated pig-butchering schemes across Southeast Asia, using Huione Group as its financial backbone. These sophisticated cons involved building fake online relationships to lure victims into fraudulent investments.

Notably absent from the case are mainstream cryptocurrencies like BTC or ETH. The operation instead relied on opaque financial structures rather than trading through major exchanges like Binance or Coinbase.

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