The head of the Huione Group has been arrested in Cambodia, according to local reporting.
Local Chinese-language news outlet Onthegrounds published a photo showing, it claims, “Boss Xi” (Li Xiong) being led away by authorities at approximately 6pm local time yesterday.
Another man, thought to be “a scam compound figure from northern Myanmar,” was also arrested.
Later reports, however, speculate that Boss Xi may have been released shortly after his arrest.
Read more: Billion-dollar scammer Chen Zhi arrested in Cambodia, extradited to China
The Huione Group is a financial services conglomerate sanctioned by the US Treasury in October for money laundering. The organization is described as a “critical node for laundering proceeds of cyber heists,” such as so-called pig butchering scams, totalling at least $4 billion.
Forensic crypto analysis firm Elliptic estimates that the Huione Guarantee marketplace had processed over $27 billion in transactions before shutting down last year.
Cambodia has recently been cracking down on the scamming syndicates operating in its territory. Earlier this month, Chen Zhi, head of the Prince Group, was arrested and extradited to China. Since then, reports have described widespread releases and escape attempts from scam centers across the country.
Indeed, the “ripple effect” of Boss Xi’s arrest looks to be underway. A video circulating on X appears to show “a mass evacuation” at the Huione Group-linked “Zone 8”/Legend Park scam compound.
Chinese escapees are said to be “stranded,” sheltering in a warehouse in Phnom Penh and relying on local support.
Read more: China executes 11 ringleaders of pig butchering scam compound
Catch and release?
Cambodian authorities haven’t officially confirmed Boss Xi’s arrest, and rumors of his release are reportedly circulating via Telegram and X.
Screenshots of a Telegram chat appear to show messages stating that Xi was released, while the other man remains in custody.
An Onthegrounds reporter also referred to the Telegram messages, as well as rumors from “other sources,” but remains unsure and notes that “there might be a lot of shady dealings involved.”