South Korean banks freeze over 91 billion KRW in assets of Cambodia's太子集团
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South Korean banks freeze over 91 billion KRW in assets of Cambodia's太子集团
According to Red Star News, after joint US-UK sanctions were imposed on Cambodia's "太子集团" (太子 Group) and its founder Chen Zhi, five South Korean banks have frozen over 91 billion KRW in assets belonging to the group, with Korea's Kookmin Bank branch freezing 56.7 billion KRW. Affected by the sanctions, "太子银行" (太子 Bank), a subsidiary of the group, has faced a bank run crisis, with large numbers of customers queuing for withdrawals. Multiple branches suspended transactions due to "insufficient liquidity," and the bank's website and mobile app became temporarily inaccessible. The South Korean Financial Services Commission stated it will impose financial sanctions on the group within this month. Earlier reports indicated that the U.S. Department of Justice seized nearly 130,000 bitcoins from a Cambodian telecom fraud network, valued at up to $15 billion, with the "太子集团" identified as the mastermind behind the operation, and its founder Chen Zhi remains at large.
Navigating Web3 tides with focused insightsTechFlow, October 21 — According to Red Star News, after joint U.S.-UK sanctions were imposed on Cambodia's "Prince Group" and its founder Chen Zhi, five South Korean banks have frozen over 91 billion KRW in assets belonging to the group. Among them, a branch of Korea’s Kookmin Bank froze 56.7 billion KRW.
Due to the sanctions, "Prince Bank," a subsidiary of the "Prince Group," has fallen into a bank run crisis. Large numbers of customers queued for withdrawals, multiple branches suspended transactions due to "insufficient liquidity," and the bank’s website and mobile app became temporarily inaccessible. The South Korea Financial Services Commission stated it will impose financial sanctions on the group within this month.
Earlier reports indicated that the U.S. Department of Justice seized nearly 130,000 bitcoins—worth up to $15 billion—from a Cambodian telecom fraud network, with the "Prince Group" identified as the mastermind behind the operation. Founder Chen Zhi remains at large.
