TechFlow News, April 2: According to Caixin, the Chinese government’s crackdown on the Chen Zhi criminal syndicate is intensifying. A core member of the syndicate, Li Xiong, has been repatriated to China. Investigations reveal that Li Xiong previously served as chairman of Huiwang Group, a subsidiary of Taizi Group, and is suspected of operating illegal gambling dens, fraud, illicit business operations, and concealing or disguising proceeds of crime. Li Xiong has now been lawfully subjected to compulsory measures, and the case is under further investigation.
According to Elliptic, since 2021, cryptocurrency wallets used by Huiwang Guarantee and its merchants have received over $24 billion—making Huiwang Guarantee the largest online illicit marketplace ever operated.
