AB Network Linked to Sanctioned Individuals Associated with Cambodian Fraud Group

ME News reports that on April 9 (UTC+8), AB Network, which partnered with the Trump-backed crypto project World Liberty Financial, had planned a “blockchain-themed resort” in East Timor involving three individuals later sanctioned by the U.S. Department of the Treasury. These individuals are linked to Cambodia’s Prince Group, accused of operating a global fraud network. Corporate records show that Yang Jian, the major shareholder of the development company, was sanctioned in October last year for allegedly collaborating with Prince Group’s CEO, Chen Zhi. The three sanctioned individuals have since been removed from the project, and there is currently no evidence that illicit funds flowed into the development or that AB Network has direct ties to Prince Group. AB Network announced its partnership with World Liberty Financial in November last year, gaining authorization to use the stablecoin USD1 on its blockchain. World Liberty Financial stated it conducted due diligence on AB Network and was not informed about the resort project or the sanctioned individuals associated with the East Timor initiative. Its legal counsel called claims of ties to sanctioned figures “baseless and untrue.” According to the FBI’s 2025 Internet Crime Report, the U.S. suffered nearly $21 billion in losses from online fraud last year, with over $11 billion attributed to cryptocurrency-related scams. The U.S. government seized $15 billion worth of Bitcoin from Chen Zhi last year. Cambodian authorities arrested Chen Zhi in January this year and extradited him to China. Currently, the maximum total supply of USD1 on the World Liberty Financial blockchain is approximately $3.6 million, held by around 3,000 addresses. (Source: ODAILY)