South Korean banks have frozen over 91 billion won in assets belonging to Cambodia's Prince Group following joint sanctions by the UK and US. The sanctions target the group and its founder, Chen Zhi, leading to a rush of withdrawals from Prince Bank, a subsidiary of the group. This caused temporary inaccessibility of the bank's website and client services, with several branches halting transactions due to liquidity issues. The South Korean government is considering additional financial sanctions against Prince Group. The Financial Intelligence Unit under the Financial Services Commission plans to coordinate with relevant agencies to implement these sanctions within the month. This follows reports of the US Department of Justice confiscating nearly 130,000 bitcoins, valued at $15 billion, from a Cambodian cyber fraud network linked to Prince Group.
South Korea Freezes 91 Billion Won of Cambodia's Prince Group Assets
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