Partner of Trump-Backed World Liberty Linked to Sanctioned Cambodian Scam Company: Report
AB network’s planned “blockchain theme resort” involved individuals sanctioned by the U.S. Treasury over ties to the Prince Group.
A partner of Trump-backed cryptocurrency venture World Liberty Financial has been linked to a sanctioned Cambodian company involved in scam operations, according to a new report. AB Network, which had planned to develop a "blockchain theme resort," reportedly involved individuals who have been sanctioned by the U.S. Treasury Department due to their connections with the Prince Group.
The Treasury Department previously sanctioned the Prince Group over allegations of operating scam centers in Cambodia that targeted victims through fraudulent investment schemes. These operations have been part of broader concerns about Cambodia becoming a hub for cryptocurrency-related fraud and human trafficking operations. The sanctions were implemented as part of U.S. efforts to combat transnational organized crime in Southeast Asia.
The revelation adds scrutiny to World Liberty Financial's business relationships and due diligence processes as the venture seeks to establish itself in the cryptocurrency space. The connection raises questions about compliance standards and partner vetting procedures within Trump-affiliated crypto projects, potentially impacting investor confidence and regulatory oversight.
Industry observers will be monitoring how World Liberty Financial responds to these allegations and whether additional regulatory scrutiny follows. The incident highlights ongoing challenges in the crypto sector regarding anti-money laundering compliance and the importance of thorough background checks on business partners and associated entities.
Source: Decrypt
