- The UK government sanctioned the $19.7 billion illicit crypto marketplace Xinbi and the operator of Cambodia’s largest known scam compound, #8 Park.
- Blockchain analytics firm Elliptic published research on both targets ahead of the sanctions, revealing their links to the sanctioned Prince Group.
- The action follows the UK’s new Fraud Strategy, which calls for using blockchain analytics and sanctions to combat cryptoasset-enabled fraud.
- Blockchain data showed payments to merchants inside #8 Park ceased after reports of its evacuation, corroborating on-the-ground events.
On March 26, 2026, the UK government sanctioned a network linked to Southeast Asian scam compounds and the crypto marketplace Xinbi. This action targets one of the region’s largest illicit online marketplaces and the operator of Cambodia’s massive #8 Park compound. Consequently, several London properties will be frozen as a result of these sanctions.
The designation includes Legend Innovation Co., which operates #8 Park, and its director Eang Soklim. Meanwhile, Xinbi is identified as a Chinese-language marketplace providing services to scam centers and laundering funds for North Korean Hackers. Two key associates of former Prince Group chairman Chen Zhi, Thet Li and Hu Xiaowei, were also sanctioned.
Elliptic’s research first exposed #8 Park’s connection to the Prince Group on February 4, 2026. Their analysis identified crypto addresses for merchants inside the compound, like a supermarket and bakery, that accepted payments from workers. However, blockchain data showed a sharp decline in payments to these merchants beginning around February 9, 2026.
This decline aligned with reports and videos showing a large-scale evacuation from the site. Elliptic had previously exposed Xinbi in May 2025 as a Telegram-based marketplace for fraudsters. The platform, which has received over $19.7 billion, offers money laundering services and stolen data.
Merchants on Xinbi openly advertise laundering proceeds from “pig-butchering” scams. Furthermore, Elliptic traced some proceeds from the $235 million DPRK-attributed hack of WazirX to Xinbi merchants. Today’s sanctions reflect priorities in the UK’s Fraud Strategy 2026-2029.
The strategy identifies cryptoasset-enabled fraud as a growing risk. It consequently calls for more systematic use of blockchain analytics and international sanctions. This action demonstrates how on-chain intelligence can map criminal networks ahead of formal government intervention.
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