Odaily Planet Daily reports: 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, who 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 following the sanctions announcement, and there is currently no evidence that illicit funds flowed into the development project or that AB Network has direct ties to Prince Group.
In November last year, the AB network announced a partnership with World Liberty Financial, granting it the right to use the stablecoin USD1 on its blockchain. World Liberty Financial stated that it conducted due diligence on AB and was not informed about the resort project or any sanctioned individuals related to the East Timor project; its legal team described claims of any association with sanctioned persons as "baseless and untrue."
According to the FBI’s 2025 Internet Crime Report, the United States 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 via AB network is approximately $3.6 million, held by only around 3,000 holders.