Several Huione outlets in Cambodia are suspected of a run on withdrawals, related to the U.S. seizure of Chen Zhi's $2.4 billion worth of BTC

ChainCatcher news, multiple Huione Group outlets in Cambodia are currently experiencing large-scale queues for withdrawals, suspected to be a bank run. The number of people queuing for withdrawals at several Huione outlets in Phnom Penh and Sihanoukville ranges from dozens to hundreds, with lines extending outside the outlets. This bank run is triggered by the U.S. sanctions against Chen Zhi, the chairman of the Prince Group in Cambodia.

The U.S. is seeking to seize 127,271 bitcoins (approximately $12 billion), which are linked to a multinational pig-butchering scam operated by Chen Zhi. Subsequently, $2.4 billion worth of bitcoins from Chen Zhi's associated wallet was transferred again, marking another outflow after the previous disclosure of seized bitcoins, indicating that the U.S. government may have additionally seized $2.4 billion worth of bitcoins from Chen Zhi. Market rumors suggest that these sanctions will impact Huione's assets.

The U.S. Office of Foreign Assets Control (OFAC) has imposed comprehensive sanctions on 146 targets within the Prince Group's transnational criminal organization, which is headquartered in Cambodia and led by Chen Zhi, operating a multinational criminal empire through online investment scams targeting the U.S. and other regions globally. In recent years, Huione Group has faced significant international regulatory pressure due to allegations of money laundering, online fraud (such as pig-butchering scams), and illegal trading. In March 2025, its payment platform Huione Pay had its banking license revoked by the National Bank of Cambodia, leading to difficulties in user fund withdrawals and triggering a large-scale bank run. The Financial Crimes Enforcement Network of the U.S. Treasury proposed banning Huione Group from accessing the U.S. financial system in the first half of this year.