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Key takeaways
- On November 5, 2026, the US Treasury's sanctions office (OFAC) sanctioned four people and 41 companies that it says support the business network of the Prince Group, a Cambodia-based criminal organization Treasury links to crypto investment and romance scams run from scam compounds.
- Treasury says the new targets managed offshore companies, hid who really owned assets and helped Prince Group leaders get around earlier US sanctions from October 2025 and June 2026. These are Treasury's findings, not a court ruling.
- OFAC also sanctioned a Malaysian man it says led a Madagascar-based scam network that took more than $400,000 from Americans, including in crypto.
- For regular holders, the lesson is about the scams behind these networks: a stranger who builds trust online and then steers you to a crypto 'investment' platform is the pattern to walk away from.
The US Treasury has sanctioned another layer of the Prince Group, the Cambodia-based network it ties to crypto investment and romance scams. This time the targets are the shell companies, nominee owners and helpers that Treasury says kept the group's money moving after earlier sanctions. Here's what was announced and what it means for you.
What happened
On November 5, 2026, OFAC, the Treasury office that enforces US sanctions, announced sanctions (opens in a new tab) on 45 new targets, four people and 41 companies, that it says prop up the Prince Group's businesses. Treasury formally calls the group a transnational criminal organization. OFAC also designated a Malaysian man it says ran a network of Africa-based scammers who defrauded US victims. The names are on OFAC's recent actions page (opens in a new tab).
Treasury Secretary Scott Bessent said that "cyber scam syndicates continue to steal billions of dollars from American victims" while leaning on international business networks to launder the money. Decrypt (opens in a new tab) also reported the action.
Who was targeted, according to Treasury
- A company network in Hong Kong and the British Virgin Islands. Treasury names Qiu Yong as a key Prince Group member who owns, through BVI holding companies, Hong Kong businesses in money lending and wine distribution, plus several shelf companies. Zhao Mengyao, who Treasury says is his personal assistant, was sanctioned too.
- Property moved to a family member. Treasury says Prince Group executive Chen Bo, sanctioned in June 2026, transferred his Tokyo mansion to his wife, He Yujing, after the October 2025 action. Both were designated, along with a company He Yujing owns and 11 Cambodian companies Pang controls, some of them run jointly with Chen Bo.
- Companies still controlled by Chen Bo. Eleven Cambodian firms, among them CB General Insurance and Prince International Airlines.
- Four more companies in Singapore, Mauritius and Malaysia that Treasury ties to previously sanctioned Prince Group figures Dai An and Thet Li.
- A separate scam boss. Treasury says Chui Kok Wa led scammers in Madagascar who used crypto and other technology to take more than $400,000 from Americans by playing on victims' sympathy.
Treasury says the action was coordinated with the FBI's New York and Honolulu field offices, the Justice Department's Scam Center Strike Force and the US Attorney's office in Alaska, with help from British Virgin Islands and UK authorities.
How we got here
This is OFAC's third round of Prince Group sanctions. On October 14, 2025 (opens in a new tab), OFAC sanctioned 146 targets in the Prince Group, which Treasury says is led by Cambodian national Chen Zhi, and prosecutors unsealed an indictment against him in federal court in Brooklyn. On June 23, 2026 (opens in a new tab), OFAC added nine people and 26 entities, including group leaders and investors in scam compounds. Treasury says the people named this week helped the group get around those earlier rounds by moving property and owning companies on behalf of sanctioned leaders. Decrypt reports that Prince Group has denied the allegations, and that Chen Zhi was arrested in Cambodia in January and extradited to China.
What this means for you
- Know the scam these networks run. Treasury says groups tied to the Prince Group target Americans with crypto investment and romance scams. The usual pattern: a stranger builds a friendship or romance online, then steers you to a trading site or app that shows fake gains. Our pig-butchering scam guide walks through the warning signs.
- Sanctions don't return lost money. They block property and cut people off from the US financial system. If you lost funds, report it at ic3.gov (opens in a new tab), the FBI's complaint site, and to the platform you sent from.
- Expect "recovery" offers to follow headlines like this. Anyone promising to get your crypto back from a sanctioned network for an upfront fee is very likely running a second scam. See our recovery scam guide.
- Your own wallet isn't affected. The sanctions target the listed people and companies. Our scam and safety hub covers the habits that keep you out of reach of these networks.
This is education, not legal or financial advice. Allegations are Treasury's, not court findings. It reflects Treasury's announcements and news reports as of November 7, 2026.
Frequently asked questions
What is the Prince Group?
Treasury describes it as a transnational criminal organization based in Cambodia and led by Chen Zhi. Treasury says groups tied to it run online investment and romance scams, many from Southeast Asian scam compounds that use trafficked and coerced workers. OFAC first sanctioned it on October 14, 2025.
What does an OFAC sanction do?
Anything the listed people and companies own that sits in the US, or with US persons, is frozen, and whoever holds it has to report it to OFAC. US persons are generally barred from dealing with them unless OFAC grants a license.
I think I lost crypto to a scam like this. What should I do?
File a report at ic3.gov, the FBI's online crime complaint site, and tell the platform you sent funds from. Be very careful of anyone who then offers to recover your money for a fee: recovery offers are a common second scam.
Is this legal or financial advice?
No. This is education based on Treasury's announcement and news reports. If you think you've dealt with a sanctioned person or company, consider talking to a lawyer.
Sources
- Treasury Targets Global Scam Networks and the Corporate Infrastructure That Enables Them (November 5, 2026) (opens in a new tab) — U.S. Department of the Treasury
- Cyber-related and Transnational Criminal Organizations Designations (November 5, 2026) (opens in a new tab) — OFAC
- Treasury and UK action against Prince Group TCO and Huione Group (October 14, 2025) (opens in a new tab) — U.S. Department of the Treasury
- Treasury action to further disrupt Prince Group TCO (June 23, 2026) (opens in a new tab) — U.S. Department of the Treasury
- US Sanctions 45 More Targets Tied to Alleged Crypto Scam Empire Prince Group (opens in a new tab) — Decrypt
Published November 7, 2026 by Dave McNaught. Educational content, not financial, legal or tax advice. Spot an error? Request a correction.
Dave McNaught
Dave McNaught has worked in IT since 1999 and founded All Business Technologies (ABT) in 2003, a Boston-area firm providing Managed IT, Cybersecurity, Managed AI, Web Design and App Development. He publishes The Crypto Guide.