Multiple Huione outlets in Cambodia are suspected of a bank run related to the $2.4 billion BTC held by the U.S. from Chen Zhi.

On October 17, multiple outlets of the Huione Group in Cambodia faced large-scale queues for withdrawals, suspected to be a bank run. The number of people queuing for withdrawals at various Huione outlets in Phnom Penh and Sihanoukville ranged from dozens to hundreds, with lines extending outside the outlets. This “bank run” stemmed from the U.S. sanctions against CHEN ZHI, chairman of the Prince Group in Cambodia. On October 14, the U.S. sought to seize 127,271 Bitcoins (approximately $12 billion), which are linked to the multinational Pig-butchering scams operated by CHEN ZHI. Subsequently, on October 16, Bitcoins worth $2.4 billion in the wallet associated with Chen Zhi were transferred again, marking another outflow after the prior disclosure of seized Bitcoins, indicating that the U.S. government may have additionally seized another $2.4 billion worth of Bitcoins from Chen Zhi. Market rumors suggest that these sanctions will affect Huione's assets. The U.S. Office of Foreign Assets Control (OFAC) has imposed comprehensive sanctions on 146 targets within the Prince Group transnational criminal organization, headquartered in Cambodia and led by CHEN ZHI, which operates a transnational crime empire through online investment scams targeting the U.S. and other global regions. In recent years, the Huione Group has faced intense 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, causing difficulties for users in withdrawing funds, which previously triggered large-scale bank run incidents. This year, the U.S. Treasury Department's Financial Crimes Enforcement Network proposed to ban Huione Group from accessing the U.S. financial system.