NEPTUNE GROUP LIMITED As a side note, Chen Zhi’s Big Bro, Hu Xiaowei’s stake in HKE Holdings was ultimately sold to an entity linked to Cheuk-chiu Lin, the controlling figure behind Neptune Group Limited (https://t.co/KnkPDyI7BR), widely known in industry circles as the “junket king of offshore gaming.” The buyer was his son, Ho Man Lin. Lin Ho Man acquired HKE Holdings through Flourish Nation Enterprises Limited, with the apparent objective of pivoting into crypto-related businesses. Doesn't this plot seem incredibly familiar? Public records indicate that in the 1990s, Lien Cheuk-chiu was involved with the Hong Kong triad society "Lee Chun"., initially through casino junket operations and smuggling activities in Macau. In the late 1990s, Lien Cheok Chao and Zhang Zhitai began jointly operating the offshore casino vessel “Neptune.” In 2005, the Lin family and Zhang Zhitai (Jumbo Boom Holdings Limited ) took control of a HKEX–listed company previously owned by Edward Chen, the father of Edison Chen. They subsequently injected their flagship “Neptune” gaming vessel into the listed entity, rebranding it as Neptune Group (https://t.co/KnkPDyI7BR), thereby establishing a foothold in the capital markets. Both Cheuk-chiu Lin and his son hail from the Chaoshan region, a network long associated with tightly knit business circles. The Neptune cruise ship is the dream destination for many Chaoshan tycoons, bar none. According to a 2002 criminal judgment issued by the Jiangmen Intermediate People’s Court, several individuals—including Yan Xilong, Lian Yuqi, Chen Dekun, Xu Liexiong, and Yan Xiaowu—were convicted of illegal business operations related to underground banking and money laundering activities. In that same judgment, Cheuk-chiu Lin and Hong Kong auto dealer Lin Yiming were identified as primary financiers behind the underground banking network but were listed as “handled separately,” allowing them to avoid prosecution at the time. In 2008, Cheuk-chiu Lin was thrust back into the spotlight for allegedly laundering at least 800 million RMB for Huang Guangyu. Many people were imprisoned in Huang Guangyu's case that year. In November 2008, Huang Guangyu was charged in Beijing, remaining tight-lipped; while Cheuk-chiu Lin was charged in Xiamen in December 2008, after which he reported several people. Subsequently, Cheuk-chiu Lin quietly returned to Hong Kong and disappeared from public view. @BBCWorld @BBCBreaking @WSJ @business @nytimes @cnni @Reuters @Forbes @TIME @TheEconomist @UN @AP @washingtonpost @MarketWatch @WSJecon @FAANews @NTSB_Newsroom @FoxNews @FT @YahooFinance @SkyNews @NBCNews @thejusticedept @fincennews @ukhomeoffice @nca_uk @govuk @ica_singapore @govsingapore @MFAsg

Multiple identities and cross-border capital operations Hu Xiaowei = Chen Xiaoer = Wu An Ming According to publicly available information Hu xiaowei first used the passport under the name Chen Xiao’er in 2017, before officially changing it to Wu An Ming by 2020. 1 HKE Holdings In September 2019, Hu Xiaowei, operating under the alias Chen Xiaoer, acquired approximately 75% of the Hong Kong–listed company HKE Holdings (stock code: 1726) through his British Virgin Islands–incorporated vehicle, Eagle Fortitude Limited. Following the acquisition, he assumed the roles of Chairman of the Board and Chief Executive Officer. In 2020, Chen Xiaoer formally changed his name to Wu An Ming (Hu Yanming). In April 2021, he fully exited the investment by disposing of his entire shareholding. 2 Evergrande Property Services Group Separately, in August 2020, Hu—again using the alias Wu An Ming—invested via another BVI-registered entity, Future King Inc. (incorporated in February 2017), as a limited partner in Tisé Opportunity Fund I, managed by Zhang Yutao. Through this structure, he indirectly acquired a 1.194% stake in Evergrande Property Services Group prior to its public listing. Other strategic investors participating in the same financing round included funds and entities associated with major institutional players such as ： Sequoia Capital ChinaSCC Growth VI 2020 B, L.P.（「Sequoia Capital China Growth」）, CC Eagle Investments Limited（「CITIC Capital」）, YF Evergreat Property Limited（「Yunfeng Capital」）, Golden Fortune Holding Limited （「Tencent Holdings」）, Huatai Securities, and ABCI Global Opportunities SPC （「Agricultural Bank of China」） among others. 3 China Reserve Securities Through Future King Inc., Hu Xiaowei (Wu An Ming) is the beneficial owner of at least two Hong Kong-based asset management firms: China Reserve Securities Ltd, which is licensed by the Hong Kong Securities & Futures Commission, and Future Wing Financial Company Ltd. Records show Future King acquired China Reserve Securities in December 2018. 4 Nanomix Corp Through Future King Inc., Hu Xiaowei (Wu An Ming) has also been a stockholder in Nanomix Corp, a Nasdaq-listed medical company that markets tests to detect or monitor diseases. 5 Boyaa Interactive International Limited As of August 21, 2025, Hu Xiaowei—operating under the alias Wu An Ming (Hu Yanming)—held approximately 5.4% of Boyaa Interactive International Limited (https://t.co/PZvBECpPMs) through a network of entities, including Future King Inc., Future Cosmos Limited, and Future Oasis Pte. Ltd. Boyaa Interactive, a HKEX–listed company founded by Dai Zhikang , is often described as a “lightweight MicroStrategy of Hong Kong equities,” reflecting its dual exposure to online gaming and cryptocurrency investments. The company currently holds more than $400 million in Bitcoin reserves. Dai Zhikang @Crossday was previously the boss of @DujunX , and was an early investor in ventures associated with @LeonHuobi , including both the original Huobi platform and @_BitfireGroup 6 HyalRoute Communication Group Through Future King Inc., Hu Xiaowei (Wu An Ming) has also been a shareholder in HyalRoute Communication Group Limited, a Singapore-based company that specializes in developing fiber optic networks. @BBCWorld @BBCBreaking @WSJ @business @nytimes @cnni @Reuters @Forbes @TIME @TheEconomist @UN @AP @washingtonpost @MarketWatch @WSJecon @FAANews @NTSB_Newsroom @FoxNews @FT @YahooFinance @SkyNews @NBCNews @thejusticedept @fincennews @ukhomeoffice @nca_uk @govuk @ica_singapore @govsingapore @MFAsg

Big Bro Chen Xiaoer The pattern of Hu Xiaowei（Chen Xiaoer) repeatedly evading meaningful prosecution points to deeper, systemic breakdowns within the judicial process. On March 26, 2026, the UK government published a new round of sanctions targeting entities linked to the Prince Group, including Hu Xiaowei and several associated individuals and companies. 1. “Knight Attack Group” Case (2011) Between 2008 and 2011, the so-called Knight Attack Group, led by Hu Xiaowei, was investigated twice by police in Gaoyou and Danyang (Jiangsu Province). On both occasions, the suspects were released after posting bail of approximately RMB 10 million. On May 30, 2011, authorities formally closed the case involving the group, which had generated over RMB 100 million in illicit profits through attacks on private game servers. Nineteen suspects, including Cai Wen, were arrested. When the case was adjudicated in 2012, all 19 defendants received suspended sentences. Cai Wen himself paid fines exceeding RMB 10 million, but none of the individuals served actual prison time. After that,Hu Xiaowei fled to Hong Kong. 2. “Chongqing Xiaoxian” Case (2016) According to official disclosures, authorities in Yinchuan determined that Hu Xiaowei and Cai Wen, along with chairman Gong Zhaowei and legal representative Fang Zhizhen, had established a large-scale criminal operation centered on illegal private game servers, generating nearly RMB 6 billion in profits over two years. In September 2016, Hu Xiaowei was arrested by Yinchuan police at the Beijing Hotel in Beijing. Meanwhile, Fang Zhizhen fled overseas. Between August 2016 and August 2017, authorities imposed various coercive measures on 12 suspects, including criminal detention, arrest, residential surveillance, and bail pending trial. Hu Xiaowei was detained for 70 days and placed under residential surveillance for an additional 23 days before ultimately being released on bail. After regaining his freedom, Hu fled China again through illicit channels, later reemerging under multiple false identities. 3. “527 Major Case” (2020) According to case materials related to the May 27, 2020 crackdown, authorities targeted a network spanning Jiangxi “Legend Supreme,” Chongqing Xiaoxian, and associated individuals including Zhu Yongcheng, Qin Zike, Chen Lixin, Cai Wen, Gong Zhaowei, as well as Hu Xiaowei’s partner Wang Yihan and his wife. Wang Yihan, born August 26, 1976 in Shanxi Province, was Hu Xiaowei’s partner, with whom he has two children. Acting as a public-facing proxy, she operated multiple entities—including Jiangxi Legend Supreme, Beijing Puman, and Hainan Anzhengbao—to funnel traffic and provide support for Hu’s overseas gambling syndicate, believed to be the second-largest cross-border gambling network in Asia. She is also alleged to have leveraged personal connections to interfere with judicial processes in mainland China, targeting both individuals and their families. Authorities identify Hu Xiaowei as the ultimate controller behind these operations. Following the loss of licensing rights to the Legend franchise in November 2020, Hu’s overseas gambling, adult-content apps, and associated money-laundering channels were significantly disrupted. Large volumes of illicit funds were subsequently exposed and frozen by law enforcement across multiple jurisdictions in China. Hu’s primary revenue streams stemmed from operating online casinos, assembling gambling networks, and profiting from activities including “fishing games,” romance scams, adult platforms, and telecom fraud. He relied heavily on private game servers and fourth-party payment platforms to launder proceeds from these operations. Leaked Cayman banking documents suggest that Chen Zhi’s initial capital originated from a $2 million loan provided by his uncle—identified as Hu Xiaowei. Estimates place Hu’s monthly illicit income at around RMB 2 billion, with peak periods reportedly reaching as high as RMB 20 billion per month. Final Note In 2020, Hu Xiaowei acquired Cambodian citizenship under his real name. In 2022, he was appointed as an advisor to Heng Samrin, then-President of Cambodia’s National Assembly—a position broadly equivalent to ministerial rank. @BBCWorld @BBCBreaking @WSJ @business @nytimes @cnni @Reuters @Forbes @TIME @TheEconomist @UN @AP @washingtonpost @MarketWatch @WSJecon @FAANews @NTSB_Newsroom @FoxNews @FT @YahooFinance @SkyNews @NBCNews @thejusticedept @fincennews @ukhomeoffice @nca_uk @govuk @ica_singapore @govsingapore @mfasg #bigbro# #huxiaowei# #chenxiaoer#

According to informed sources: @justinsuntron ’s private jet ，“TRON One” ，was purchased from Xu Jiayin, the former richest man in China and founder of Evergrande Group. This is not an ordinary private jet, but a Boeing 737 BBJ ultra-large business jet. With the base aircraft plus top-tier luxury customization, the price starts at around $200 million. @BBCWorld @BBCBreaking @WSJ @business @nytimes @cnni @Reuters @Forbes @TIME @TheEconomist @UN @AP @washingtonpost @MarketWatch @WSJecon @FAANews @NTSB_Newsroom @FoxNews @FT @YahooFinance @SkyNews  @NBCNews @thejusticedept @fincennews  @ukhomeoffice @nca_uk @govuk @ica_singapore @govsingapore @MFAsg

A profit-driven enforcement assembly line led by Li Renye Beyond collaborating with Justin Sun on two separate cases, the enforcement team headed by Li Renye has allegedly targeted a number of prominent figures in the crypto space. Further details are still being compiled. Part 1 Correction to a previously circulated claim: The individual currently described as the “blade” in Justin Sun’s hand, Li Renye, has never held a position within mainland China’s police, procuratorate, or court system, either in the past or at present. Media reports referencing his supposed prior official roles have, intentionally or not, created a misleading impression for most readers. Li Renye, born on October 4, 1996, previously held only the following position: •Mediator at the Dispute Resolution Center in Yongjia County, Wenzhou, Zhejiang Province, mainland China •This role was temporary, contract-based, and outside the formal government staffing system. Part 2 According to individuals familiar with the matter: 1Li Renye allegedly obtained money from multiple parties by promising assistance that never materialized, and refused to return the funds. 2He reportedly has a prior record of being summoned and detained by mainland Chinese authorities in connection with financial fraud. 3More critically, he is alleged to have impersonated personnel from China’s law enforcement or judicial agencies. “Prosecutor” Li, did it feel empowering to fabricate an identity as a member of China’s judicial system? Part 3 At a later stage, Li Renye reportedly crossed paths with Justin Sun in what insiders describe as a complementary arrangement: 
Li provided operational muscle, while Sun provided financial backing. From that point on, Li became what observers characterize as a rapid-response enforcement instrument in Sun’s toolkit, capable of pushing aggressive law enforcement actions across multiple jurisdictions. As previously noted, the case involving
Wang Bingyu who is said to have close ties to Justin Sun, allegedly involved substantial participation by Li Renye. During police interrogation, Wang Bingyu and an individual referred to as “Accountant Guo” reportedly surrendered more than 100 million RMB. 
Yet, the ultimate destination of those funds remains unclear. “Prosecutor” Li,it has been rumored that 32 million RMB from that surrendered amount was divided between you and certain associates. Care to clarify? According to this narrative,
@justinsuntron Li Renye, and Li Tao ,
have effectively turned law enforcement actions in mainland China into what critics describe as a fully integrated, profit-driven enforcement pipeline, referencing both the Wang Bingyu case and the @WilsonWei777 case. Anyone with information regarding cases connected to these individuals is encouraged, in the original statement, to submit details for consolidated disclosure. And finally, a closing jab from the original text: “Prosecutor” Li, how comfortable is the ride on Justin Sun’s private jet, the
Tron 1? ✈️ @BBCWorld @BBCBreaking @WSJ @business @nytimes @cnni @Reuters @Forbes @TIME @TheEconomist @UN @AP @washingtonpost @MarketWatch @WSJecon @FAANews @NTSB_Newsroom @FoxNews @FT @YahooFinance @SkyNews  @NBCNews @thejusticedept @fincennews  @ukhomeoffice @nca_uk @govuk @ica_singapore @govsingapore @mfasg

Heads-up. About Hu Xiaowei( Chen Xiaoer),  the first boss listed on sanctions list targeting the PRINCE GROUP TRANSNATIONAL CRIMINAL ORGANIZATION 1 Current hideouts; 2 Associated crypto exchanges. @BBCWorld @BBCBreaking @WSJ @business @nytimes @cnni @Reuters @Forbes @TIME @TheEconomist @UN @AP @washingtonpost @MarketWatch @WSJecon @FAANews @NTSB_Newsroom @FoxNews @FT @YahooFinance @SkyNews  @NBCNews @thejusticedept @fincennews  @ukhomeoffice @nca_uk @govuk @ica_singapore @govsingapore @MFAsg

Part5 List of Sanctioned Individuals by USA CHEN, Xiao'er,  Frigate Bay, Saint Kitts and Nevis; DOB 01 May 1982; nationality Saint Kitts and Nevis; Gender Male; Passport RE00660066 (Saint Kitts and Nevis) (individual)  Linked To: GRAND LEGEND INTERNATIONAL ASSET MANAGEMENT GROUP CO. LTD. CHEN, Xiuling (a.k.a. "CHEN, Karen"),  Singapore; DOB 14 Jun 1982; POB Singapore; nationality Singapore; Gender Female; Passport K2325996K (Singapore); National ID No. S8217005G (Singapore) (individual) Linked To: PRINCE GROUP TRANSNATIONAL CRIMINAL ORGANIZATION CHEN, Zhi (Chinese Simplified: 陈志),  Phnom Penh, Cambodia; DOB 16 Dec 1987; POB Fujian, China; nationality China; citizen Cambodia; alt. citizen Vanuatu; alt. citizen Cyprus; Gender Male; Digital Currency Address - XBT bc1qeth6n6ryxexvkx34wnx3nuynun4474h3j0gkhw; alt. Digital Currency Address - XBT bc1q2we5eqjj8je6lz9xwjattpc3pn4jejc5h0s70f; alt. Digital Currency Address - XBT bc1qnujzvts45qka3cr2eqqw8ur3q6g6s0ze2wlk5m; alt. Digital Currency Address - XBT bc1qw4fxztd5u3sl7vrcqwk2a8v5zh5dllvckx3tlt; Passport N00081108 (Cambodia); alt. Passport RV047996 (Vanuatu); alt. Passport K00395168 (Cyprus); National ID No. 010868617 (Cambodia) (individual)  Linked To: PRINCE GROUP TRANSNATIONAL CRIMINAL ORGANIZATION CHHAY, Guy,  Phnom Penh, Cambodia; DOB 09 Jul 1987; POB Phnom Penh, Cambodia; nationality Cambodia; citizen Cambodia; Gender Male;  Passport N0718897 (Cambodia); National ID No. 01052634401 (Cambodia) (individual) Linked To: PRINCE GROUP TRANSNATIONAL CRIMINAL ORGANIZATION DARA, Ing,  Phnom Penh, Cambodia; DOB 04 Sep 1981; POB Phnom Penh, Cambodia; nationality Cambodia; citizen Cambodia; Gender Male;  Passport N00453333 (Cambodia); National ID No. 010929329 (Cambodia) (individual)  Linked To: PRINCE GROUP TRANSNATIONAL CRIMINAL ORGANIZATION HUANG,  Chieh, Koror, Palau; Hsinchu, Taiwan; DOB 05 Jan 1994; nationality Taiwan; Gender Female; Passport 351788588 (Taiwan) (individual)  Linked To: GRAND LEGEND INTERNATIONAL ASSET MANAGEMENT GROUP CO. LTD. LEI, Bo (Chinese Simplified: 雷波),  Chongqing, China; DOB 14 Aug 1977; POB Chongqing, China; nationality China; Gender Male;  Passport G42787399 (China); National ID No. 510214197708143017 (China) (individual) Linked To: PRINCE GROUP TRANSNATIONAL CRIMINAL ORGANIZATION LI, Thet (a.k.a. LI, Tian (Chinese Simplified: 李添)),  London, United Kingdom; DOB 06 Jul 1987; POB Beijing, China; nationality China; citizen Cambodia; Gender Male;  Passport RV091789 (Vanuatu) (individual)  Linked To: PRINCE GROUP TRANSNATIONAL CRIMINAL ORGANIZATION SHIH, Ting-yu (a.k.a. "SHIH, Vivian"),  Koror, Palau; DOB 08 Nov 1990; nationality Taiwan; Gender Female;  Passport 353058635 (Taiwan) (individual)  Linked To: GRAND LEGEND INTERNATIONAL ASSET MANAGEMENT GROUP CO. LTD. TANG,  Nigel Wan Bao Nabil, Singapore; DOB 02 Sep 1993; POB Singapore; nationality Singapore; Gender Male; Passport E6790628B (Singapore) (individual)  Linked To: CHEN, Zhi WANG, Guodan (a.k.a. "WANG, Rose"),  P.O. Box 8064, Koror, Palau; DOB 22 Jan 1977; nationality China; Gender Female;  Passport E85782076 (China) (individual)  Linked To: GRAND LEGEND INTERNATIONAL ASSET MANAGEMENT GROUP CO. LTD. WANG, Michelle Reishane,  Koror, Palau; DOB 05 Mar 1994; nationality Taiwan; Gender Female;  Passport 360272295 (Taiwan) (individual)  Linked To: GRAND LEGEND INTERNATIONAL ASSET MANAGEMENT GROUP CO. LTD. WEI, Qianjiang (Chinese Simplified: 魏前江),  Phnom Penh, Cambodia; DOB 28 Apr 1983; POB Phnom Penh, Cambodia; nationality Cambodia; Gender Male;  Passport EG9742474 (China); alt. Passport RV0118198 (Vanuatu); alt. Passport N01767532 (Cambodia) (individual)  Linked To: PRINCE GROUP TRANSNATIONAL CRIMINAL ORGANIZATION YANG, Jian,  Room No. 1115, No. 66 Jinkaidadao, Yubei District, Chongqing, China; DOB 25 Aug 1983; nationality Cyprus; Gender Male;  Passport K00441025 (Cyprus) (individual)  Linked To: GRAND LEGEND INTERNATIONAL ASSET MANAGEMENT GROUP CO. LTD.

Part 4  Close Associates of Chen Zhi 1. Li Tian (also known as Thet Li,Figure1) Date of Birth: July 6, 1987 Place of Birth: Beijing, China Citizenship: Cambodia and Vanuatu Passport: RV091789 (Vanuatu) Li Tian obtained a Bachelor’s degree in E-commerce from Beijing Information Science and Technology University in 2009. As Chief Financial Officer (CFO) of the Prince Group, Li Tian was responsible for managing illicit financial flows within the organization, including the handling of laundered funds and the coordination of large-scale cash smuggling operations. In April 2020, Li Tian became the ultimate controlling shareholder of Hong Kong-listed company FSM Holdings Limited (Stock Code: 1721), holding approximately 60.23% of its issued shares. According to records from the Hong Kong Companies Registry, Li Tian also serves as a director of four additional companies registered in Hong Kong: Concept Planet (HK) Limited Silver Prosper International Limited Sky Talent Investment Limited STAR MAX DEVELOPMENT LIMITED 2. Zhou Yun (also known as Sandy Zhou,Figure2) Date of Birth: October 17, 1982 Place of Birth: Hubei Province, China Identification: Hong Kong Identity Card and Hong Kong SAR Passport Passport: G30024177 (China) Sandy Zhou  serves as Chen Zhi’s financial assistant and wealth manager. She has been designated under United States sanctions programs. Multiple insurance brokerage and securities firms of Mighty Divine Group in Hong Kong, which were beneficially owned or controlled by Chen Zhi through Sandy Zhou , have been subject to enforcement actions and regulatory intervention. 3. Wei Qianjiang （Figure3) Date of Birth: April 28, 1983 Wei Qianjiang graduated in January 2015 from the Open University of China (formerly the Central Radio and Television University), obtaining an Associate Degree in Business Administration. Through a Bitcoin mining enterprise in Laos operated by the Prince Group, namely Warp Data Technology Lao Sole Co., Ltd., large volumes of Bitcoin (BTC) were allegedly transferred to cryptocurrency wallets controlled by Chen Zhi. Wei Qianjiang served as the person in charge of this operation. Key business activities include: 2014: Established Chongqing Venture Capital and Longxun Technology in Chongqing, China  2017: Registered a Hong Kong entity under the same name, Loncent Technology, with plans to pursue an IPO on the HKEX August 2018: Appointed as a Non-Independent Executive Director of HKEX-listed company Geotech Holdings Ltd. (Stock Code: 1707), a company controlled by Chen Zhi July 2020: Loncent Technology was investigated by police for promoting gambling services and facilitating cyber-enabled criminal activities; multiple senior executives were detained or defected to authorities, while Wei Qianjiang, as the company’s legal representative and owner, was handled in a separate case 2020: Registered Merak Technology (Hong Kong) Limited in Hong Kong @BBCWorld @BBCBreaking @WSJ @business @nytimes @cnni @Reuters @Forbes @TIME @TheEconomist @UN @AP @washingtonpost @MarketWatch @WSJecon @FAANews @NTSB_Newsroom @FoxNews @FT @YahooFinance @SkyNews  @NBCNews

As an aside, Longhua Group, controlled by Wang Yihan, had previously jointly established the Junding Winery with COFCO Group. After Junding Winery suffered losses for several years, Longhua acquired a 55% stake in Junding Winery from COFCO Group for 1 RMB. In November 2020, after Hu Xiaowei lost the authorization for the game "Legend," his overseas companies' gambling, pornographic app, and related money laundering channels suffered severe impacts. Large amounts of illegal funds from overseas gambling were exposed and subsequently frozen by public security organs in multiple locations in mainland China. Hu Xiaowei's main source of income was operating online casinos and building gambling teams, obtaining huge illegal profits through fishing games, "pig butchering" scams, pornographic websites, and telecommunications fraud. Hu Xiaowei used the "Legend" private server game and third-party payment platforms as channels to launder money for his aforementioned illegal black market operations. It is estimated that Hu Xiaowei's monthly income from illicit activities is around 2 billion RMB, and at its peak, it can reach as high as 20 billion RMB in a single month. @BBCWorld @BBCBreaking @WSJ @business @nytimes @cnni @Reuters @Forbes @TIME @TheEconomist @UN @AP @washingtonpost @MarketWatch @WSJecon @FAANews @NTSB_Newsroom @FoxNews @FT @YahooFinance @SkyNews  @NBCNews

Core Figures of the Prince Group (Figure 1) Part 1 Chen Zhi（Vincent)，Chairman and Controlling Director of Prince Group Chen Zhi (Figure 2), born on December 16, 1987, in Xiaoxing Village, Xiao’ao Town, Lianjiang County, Fujian Province, China, dropped out of school in the eighth grade and was reportedly known to frequent internet cafés in his hometown. Between 2010 and 2011, prior to the dismantling of the hacker group known as the “Knights,” Chen allegedly used a false identity to illegally depart Shanghai and relocate to Cambodia. In 2015, Chen founded Prince Group. He subsequently acquired multiple nationalities, including those of China, Cambodia, Cyprus, and Vanuatu, and has reportedly held passports and permanent residency status in jurisdictions such as the United Kingdom. Entities Associated With Sanctions Exposure Linked to Chen Zhi: 1 The Prince Group 2 Grand Legend International Asset Management Group 3 Jinbei (Cambodia) Investment Co., Ltd., a joint venture reportedly established with 4 Cambodian Prime Minister Hun Manet 4 Huione Group 5 Golden Fortune Resorts World Ltd. Since 2017, Chen has used Singapore as a strategic hub to build an Asia-Pacific asset management network. With the assistance of a local associate, David Wong, Chen established a family office, DW Capital Holdings Pte. Ltd., in 2018. In 2021, David Wong, who was then serving as a director of the family office, allegedly transferred approximately SGD 5.84 million from Chen’s account at OCBC Bank without authorization. The incident later became a key investigative lead in coordinated sanctions-related probes conducted by authorities in the United States, United Kingdom, and Singapore. On January 8, 2016, Chen Zhi was extradited to mainland China. Part 2 Li Xiong，Chairman of Huione Group Huione Group, a business entity operating under the umbrella of Chen Zhi’s Prince Group, was initially established in 2014. In December 2018, the company registered Huione Group Limited in Hong Kong. Often described as the “Alipay of Cambodia,” Huione operates across financial services and maintains an affiliated banking institution known as Panda Commercial Bank. Subsidiaries of Huione Group include: 1 Haowang Guarantee (formerly Huione Guarantee) 2 Huione Pay PLC 3 Huione Crypto 4 Huione Insurance Hun To, a cousin of current Cambodian Prime Minister Hun Manet, previously served as a director of Huione’s Cambodian operations. According to publicly available records (Figure 3), He Yanming, the registered owner of Huione Crypto in Poland, also serves as a director of Panda Commercial Bank Plc, one of Cambodia’s major financial institutions. Prior to being sanctioned by U.S. and U.K. authorities in October 2025, both Hun To and Huione executive Li Xiong were members of the bank’s board of directors. Following Chen Zhi’s extradition to mainland China, Li Xiong, also known by the nickname “President Xi” (Xi Zong) within internal circles, was arrested by Cambodian authorities in January 2026. He was subsequently transferred to mainland China on April 1, 2026. Additional Observations 1 A significant number of former Huione personnel have recently established new companies and are actively recruiting talent from the cryptocurrency sector. 2 Following the collapse of Huione, it is widely anticipated that core user and transaction data associated with the group will be shared with mainland Chinese authorities. @BBCWorld @BBCBreaking @WSJ @business @nytimes @cnni @Reuters @Forbes @TIME @TheEconomist @UN @AP @washingtonpost @MarketWatch @WSJecon @FAANews @NTSB_Newsroom @FoxNews @FT @YahooFinance @SkyNews @NBCNews

According to sources familiar with the matter:
 The proactive market makers behind $MMT and $SAHAR are: Vincent Niu @VincentNiu222 and Kai Wu @kai_manifold 1. Vincent Niu @VincentNiu222 Born in 1989. •Graduated in 2011 from the School of Mathematical Sciences at Fudan University •Later earned a Master’s degree in Finance from Stanford University Professional Experience: •Jun 2013 – Nov 2014: Quantitative Risk Analyst at @BlackRock •Nov 2014 – Apr 2017: Co-founder of Mustard Finance •Mar 2018 – Mar 2021: Founder of DappReview (acquired by @Binance in Dec 2019) •Dec 2019 – Mar 2021: Head of Product at @CoinMarketCap •Former Partner at Sky9 Capital 2. Kai Wu @kai_manifold Native of Hangzhouangzhou, Zhejiang Province, China, and born November 1982. Academic Background: •2005 – 2011: ◦Undergraduate, Tsinghua University Special Class for the Gifted in Basic Sciences ◦PhD in Physics from the Tsinghua Institute for Advanced Study ◦Postdoctoral Researcher at the Stanford Linear Accelerator Center (SLAC), under Professor Zhang Shoucheng Professional Background: •Core member of CoinXP @CoinXPofficial •Former Investment Director at @snzholding & Former Chief Scientist at Taiti Technology •Founder of MCG At the time, $FLOW ranked among the top three investments in SNZ’s portfolio by return, a deal widely attributed to Wu’s investment decision. That said, while his investment instincts have been viewed as solid, some industry participants have privately described his trading performance as relatively weak. 
As for his track record in building and operating projects, critics in the space often suggest it has not materially outperformed his trading results. @MMTFinance @SaharaAI @zachxbt @FareaNFts @mrblock @ardizor @DeFiTracer @morsyxbt @LordOfAlts @lookonchain @TheBlockCo @CoinDesk @Cointelegraph @blknoiz06

According to sources familiar with the matter: Because Long @FanLong16 is an alumnus of Roger Chen, a founding partner of IMO Ventures,  @ImoVentures became one of the most pivotal early backers driving the development of @Conflux_Network. In 2016, Donnie Liu (Liu Hai), Thomas Yao @thyao , Roger Chen, Wang Chong, and others jointly launched a new venture capital fund, ImoVentures. Donnie Liu Year of Birth: 1984 July 2005: Bachelor’s degree in Electronic Engineering, Shanghai Jiao Tong University June 2007: Master’s degree in Electronic Engineering, Seoul National University June 2011: MBA, MIT Sloan School of Management Liu is a founder partner at IMO Ventures. He previously served as a partner at GSR Ventures and Bopu Asset Management, and earlier in his career worked in the wireless division at Samsung Electronics’ headquarters in South Korea. Public records indicate the following: In June 2015, Wu Shenjun, founding partner of GSR Ventures, entered HKEX–listed company 00109 Good Resources Holdings with capital backing, assuming the roles of Executive Director and Chairman of the Board.  Donnie Liu simultaneously became involved in the company as a Non-Executive Director. September 23, 2020: The HKEX announced the suspension of trading in Good Resources Holdings (00109). April 28, 2022: The HKEX announced that the company’s listing would be cancelled effective 9:00 a.m., May 4, 2022. By around 2018, Liu’s BGOGO exchange had effectively become a magnet for some of the industry’s most aggressive capital players, including: Jack Yi @Jackyi_ld  @Liquid_Capital_ Xu Yingkai  BlockVC Sun Zeyu   Genesis Capital Du Jun @dujunx  Node Capital At the time, Du Jun, founder of Node Capital, famously stormed out of Huobi’s HADAX platform in a blaze of frustration, then pivoted hard to promote the projects he had heavily backed, most notably FCoin and BGOGO. Right, Ciara (@Crypto_Ciara)? Thomas Yao @thyao Thomas Yao holds a bachelor’s degree in Applied Physics from Fudan University Widely regarded as being closely aligned with $CFX , Thomas’s signature play in this cycle is , $0G  . In addition to serving as a founding partner at IMO Ventures, Thomas Yao has worn several notable hats over the years: 1. Founding member of @0G_labs 2. Former Investment Partner at Frees Fund 3. Former Senior Director at HTC Vive’s Silicon Valley Innovation Lab

The real project lead behind $SAHARA @SaharaAI  is Donnie Liu. Donnie Liu holds the following titles: 1 The controller of the inactive exchange BGOGO  $BGG  ; 2 Venture Partner at IMO Ventures @ImoVentures; 3 Former Partner at GSR Ventures 4 Former key director of the HKEX-listed company Good Holdings Resources (00109). @FareaNFts @zachxbt @mrblock @KazumaxCrypto @TheBlockCo @tier10k @Tree_of_Alpha @WuBlockchain

Binance’s recent statement about market makers, in CP’s view, feels like a classic case of protesting too much. This cycle, across the crypto space, whether exchanges, institutions, or retail traders, many have grown increasingly frustrated with Binance. Trust in Binance has eroded significantly. Market makers, institutions, and retail participants alike are gradually shifting both capital and battlefield toward Perp DEXs. What the market is looking for is a trading environment that is decentralized, transparent, and less restrictive. As a side note, speaking of transparency, since October 11 until now, Binance still hasn’t released the full underlying facts or detailed data. Perp DEXs are likely to be the ignition point of the next major market cycle, and notably, Chinese teams already control a substantial share of this sector. If CP’s thesis holds true, then the potential 100x opportunities are likely among the projects shown in the attached figure. In the next bull market, capital flowing into this sector could rank among the top two across all narratives. Most major CEXs are now quietly building or backing their own DEX ecosystems, effectively staking territory in a long game designed to challenge Binance’s dominance. Of course, Binance is well aware of these dynamics. Last year, it launched @Aster_DEX Take a closer look and you’ll notice a pattern: many projects on Aster start there as a launchpad, and eventually make their way onto Binance. In other words, Binance is attempting to engineer another closed-loop ecosystem, similar to what it did with https://t.co/yT3k6myX3W. @fourdotmemezh Ultimately, the endgame structure of the crypto market will likely settle into a 50/50 balance between CEXs and Perp DEXs.

A masterpiece forged over three years by @DujunX — $BTR @BitlayerLabs  is nothing short of formidable. If one had to sum it up, perhaps best said as: “A hall filled with revelers in bloom, yet a single sword chills fourteen states.” As for Peter Sui（Sui Shengquan) @Metapi208 , after following Dujun these past few years,he’s finally had his breakthrough moment — thanks to $BTR, he’s turned the tide and come out on top. The legendary Huobi. And the outstanding Bitlayer. @VuoriTrading @JuliusElum @UmerTheBull @MWhalekiller @muzsays  @CryptoA40672341 @TraderEthem @Pure8Nature  @Ekoanalizz @digishahed @ER404i @fabiocatalao_  @CalebSol  @MattPRD  @mrblock #杜均# #BTR#

Sean Ren （任翔） @xiangrenNLP  is just the figurehead for @SaharaAI The real mastermind operating in the shadows ，is the controlling force behind a rug-pulled exchange. https://t.co/zAl3MHSfVf

As two firms that rose to prominence during this cycle, @DWFLabs backed by @ag_dwf, and @Web3Port_Labs founded by Xinchen Liu @MaySparkDigital , have enjoyed remarkable visibility and, by most accounts, substantial financial success. Their roles extend well beyond traditional market making. Both operate simultaneously as liquidity providers, venture investors, and, at times, de facto project stakeholders, wearing multiple hats in the same arena. Once again, DWF found a way to flex hard with $SIREN Among the crowded field of crypto market makers, May Liu stands out as something of a raritythe single splash of crimson in a sea of supporting cast. That said, the projects she has been involved with have turned an even deeper shade of red when viewed through the lens of price performance:  $ATH : down 96.64%  $MOVE : down 98.48% $SHELL : down 96.28%  $GPS : down 98.08%  $PRAI : down 98.64% According to sources familiar with the matter: 1 After October 11, many projects  listed on BN were reportedly required to engage a designated liquidity provider @GSR_io . 2 Liquidity provision for both $MMT @MMTFinance  and $MMT @MMTFinance was handled by @ambergroup .

$BP will TGE  today. As one of the so-called “post-FTX” projects emerging from the same orbit as @SBF_FTX and FTX,  @Backpack initially carried huge expectations from retail investors. Many people genuinely believed in what @tristan and @GoLadsCS Can Sun were building. But then again…there’s always a “but.” Go big or go home ？ And when it comes to @pacifica_fi , a project cut from the same cloth as Backpack, the team has long claimed that their operations were fully self-funded by the founders, with no reliance on outside capital. The reality, however, is a bit different: Du Jun @DujunX ，was in fact one of Pacifica’s major early investors. Right？ @ConstanceWaing  @ProMint_X  @tesnguyeneth  @RoundtableSpace @ProMint_X

One critical point needs to be clearly understood: In May 2022, Arthur Hayes entered into a Consent Order for Permanent Injunction with the Commodity Futures Trading Commission as a core component of his plea and settlement agreement. Under this order, he is expressly and permanently prohibited from: • Directly or indirectly participating in the operation, management, or advisory functions of any derivatives trading platform subject to CFTC regulation; • Acting to represent, promote, or market any products related to commodity futures, options, or crypto derivatives; • Providing, in any capacity, whether compensated or not, promotional or marketing services for regulated financial products, including through paid endorsements, social media activity, or podcast commentary. This injunction is permanent in nature and carries potential criminal consequences if violated. In the event of a breach, the Commodity Futures Trading Commission may immediately seek a finding of contempt of court, which could result in additional fines and potential imprisonment. @TheJusticeDept @CFTC  @USDOJ_Intl   @gov_online  @meti_chusho  @fsa_attention @SESC_JAPAN @fsa_procurement @MOJ_PSIA @NPA_KOHO @JFSA_en @Wa_nisa_FSA @headlinevc @MaelstromFund @ivcryptofund @aethircloud @CryptoHayes  @etherary @akshat_hk