US Treasury sanctions 9 people, 26 entities to Prince Group

The United States has imposed a new round of sanctions targeting a Cambodian-based criminal network accused of orchestrating massive cyber fraud operations that have stolen billions of dollars from American victims. The Treasury Department announced on Tuesday, June, 23, that it is sanctioning nine individuals and 26 entities linked to the Prince Group, which it designated as a transnational criminal organization in 2025.

The action builds on a major joint effort with the United Kingdom in October 2025, when the U.S. sanctioned 146 individuals and entities connected to the group, including its chairman, Chen Zhi. Federal prosecutors also unsealed an indictment charging Chen with wire fraud and money laundering conspiracy at that time, which involved the forfeiture of approximately 127,271 bitcoins valued at around $15 billion, described as the largest forfeiture in U.S. history. Chen was later arrested and extradited to China in January 2026.

Treasury Secretary Scott Bessent stated that scam centers in Southeast Asia steal billions from American victims annually. U.S. government estimates cited by the Treasury Department indicate that Americans lost at least $10 billion to such...