Chinese authorities have arrested the former chairman of Cambodian conglomerate Huione Group, a company that they say processed billions of dollars in illicit cryptocurrency activity. According to China's Ministry of Public Security, Li Xiong was a core member of a criminal organization involved in cross-border gambling and fraud schemes. Huione operated e-commerce, payment, and cryptocurrency services. The Treasury Department's Financial Crimes Enforcement Network designated Huione as a primary money laundering concern last year and reported that the company received at least $4 billion in illegal proceeds between 2021 and 2025. Experts believe Huione played a central role in the infrastructure that allowed large-scale crypto scam networks to move and launder funds across the region.