A partner in a crypto venture backed by the Trump family’s firm, World Liberty Financial, is linked to a sanctioned Cambodian conglomerate that U.S. authorities allege is a multi-billion dollar scam empire built on human trafficking and slavery. An investigation by the Guardian and OCCRP found that three individuals involved in a planned "crypto resort" by the AB network were sanctioned by the U.S. Treasury in October for their connections to the notorious Prince Group.
The revelations highlight the significant risks of transnational crime infiltrating developing nations, with one Timorese government minister warning that his country risks becoming “an amusement park for transnational crime syndicates.” In an open letter, Ágio Pereira, a senior minister in Timor-Leste, questioned whether the nation would be governed by democratic laws “or become a criminal state possessed by foreign mafia.”
The U.S. Treasury sanctioned the Prince Holding Group and its founder, Chen Zhi, for allegedly operating large-scale online scam operations, known as "pig-butchering," across Southeast Asia. Billions of dollars in bitcoin were seized, and Chen was later extradited to China. The investigation revealed that three individuals involved in the AB Digital Technology Resort in Timor-Leste—Yang Jian, Yang Yanming, and Shih Ting-yu—were among those sanctioned for their role in another Prince Group-connected luxury resort project.
The connection introduces significant reputational and legal risk for the Trump-backed World Liberty project, which announced a partnership with AB Chain in November. The link to a sanctioned entity accused of widespread fraud and modern slavery could deter investors, attract further regulatory scrutiny, and undermine the venture's credibility as the U.S. and other nations intensify their crackdown on the region's sprawling scam industry.
The U.S. sanctions describe the Prince Group as a criminal enterprise running "scam compounds where industrial scale cyber fraud operations target victims around the world." These operations often rely on victims of human trafficking forced into modern-day slavery to perpetrate the scams. While Prince Group has denied the allegations, its founder Chen Zhi was indicted by the U.S. for wire fraud and money laundering conspiracy.
The investigation uncovered that Yang Jian was the majority shareholder of the Timor-Leste resort company when it was registered, but his name was removed from records just days after the U.S. sanctions were announced. The other two individuals, Yang Yanming and Shih Ting-yu, were reportedly dismissed from the project following the sanctions.
The AB network's planned resort in Timor-Leste was promoted as a luxury crypto development. However, the project is now mired in controversy. Frank Lin, a businessman who presented himself as the face of the resort and was granted a Timorese diplomatic passport, has denied any wrongdoing or connection to the Prince Group.
Further complicating the network, former Irish prime minister Bertie Ahern, listed as co-director of the Irish AB Foundation, denied knowledge of the Timor-Leste project or donations made in the foundation's name. The AB network has since attempted to distance its various entities, terminating a memorandum of understanding between its Irish foundation and the Timor-Leste resort company. The episode underscores the opaque and complex corporate structures that can obscure connections within the crypto and blockchain sector, creating pathways for illicit actors.
This article is for informational purposes only and does not constitute investment advice.
