PANews reported on October 21st that, according to Red Star News, after the UK and US jointly imposed sanctions on Cambodia's Prince Group and its founder, Chen Zhi, Cambodian customers panicked and rushed to withdraw cash from Prince Bank, a subsidiary of Prince Group. This resulted in the Prince Bank's website and client being temporarily inaccessible, and several branches suspending transactions due to "lack of liquidity." It was also reported that, following the UK and US governments, the South Korean government is also considering imposing financial sanctions on the group and related organizations. The Financial Intelligence Unit under the Financial Services Commission of South Korea reportedly plans to coordinate with relevant agencies and is expected to implement sanctions within this month. Lee Yu-won, Chairman of the Financial Services Commission, recently stated that the commission will accelerate cooperation with relevant agencies to implement financial sanctions against Prince Group. Earlier reports indicated that the US Department of Justice had confiscated nearly 130,000 bitcoins, valued at $15 billion, from a Cambodian cyber fraud network. Prince Group was the mastermind behind the scheme, and its founder, Chen Zhi, is currently at large.PANews reported on October 21st that, according to Red Star News, after the UK and US jointly imposed sanctions on Cambodia's Prince Group and its founder, Chen Zhi, Cambodian customers panicked and rushed to withdraw cash from Prince Bank, a subsidiary of Prince Group. This resulted in the Prince Bank's website and client being temporarily inaccessible, and several branches suspending transactions due to "lack of liquidity." It was also reported that, following the UK and US governments, the South Korean government is also considering imposing financial sanctions on the group and related organizations. The Financial Intelligence Unit under the Financial Services Commission of South Korea reportedly plans to coordinate with relevant agencies and is expected to implement sanctions within this month. Lee Yu-won, Chairman of the Financial Services Commission, recently stated that the commission will accelerate cooperation with relevant agencies to implement financial sanctions against Prince Group. Earlier reports indicated that the US Department of Justice had confiscated nearly 130,000 bitcoins, valued at $15 billion, from a Cambodian cyber fraud network. Prince Group was the mastermind behind the scheme, and its founder, Chen Zhi, is currently at large.
Cambodia's "Prince Group" has had over 91 billion won worth of assets frozen in South Korean banks
PANews reported on October 21st that, according to Red Star News, after the UK and US jointly imposed sanctions on Cambodia's Prince Group and its founder, Chen Zhi, Cambodian customers panicked and rushed to withdraw cash from Prince Bank, a subsidiary of Prince Group. This resulted in the Prince Bank's website and client being temporarily inaccessible, and several branches suspending transactions due to "lack of liquidity." It was also reported that, following the UK and US governments, the South Korean government is also considering imposing financial sanctions on the group and related organizations. The Financial Intelligence Unit under the Financial Services Commission of South Korea reportedly plans to coordinate with relevant agencies and is expected to implement sanctions within this month. Lee Yu-won, Chairman of the Financial Services Commission, recently stated that the commission will accelerate cooperation with relevant agencies to implement financial sanctions against Prince Group. Earlier reports indicated that the US Department of Justice had confiscated nearly 130,000 bitcoins, valued at $15 billion, from a Cambodian cyber fraud network. Prince Group was the mastermind behind the scheme, and its founder, Chen Zhi, is currently at large.
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