Cambodia's Anti-Corruption Unit (ACU) provided further details on the evening of September 28 about the money-laundering methods of Chinese online-scam ringleader Zhang Jianqiang (transliteration). Investigations show he is suspected of moving large sums through cryptocurrencies such as USDT, then exchanging them through local money changers into U.S. dollars or Chinese yuan for payment to designated recipients, in order to conceal the true source of the funds.
The ACU said funds linked to Zhang Jianqiang had flowed into a crypto wallet named "OKX Hot Wallet 8," involving about 250,605,000 USDT. At roughly 1:1, that equates to around US$250 million. Investigators also found that about 90 percent of the scam proceeds were quickly transferred overseas via crypto channels.
Investigative materials show Zhang Jianqiang used multiple names and the online alias "Trangol," and controlled more than 10 crypto accounts. Ten of them have so far been identified, mainly using the TokenPocket wallet, with USDT as the tool for moving and settling funds.
The ACU also disclosed that local money changer Lay Sokong is suspected of involvement in the money chain. Zhang Jianqiang would first transfer USDT to Lay Sokong, who would then exchange it into U.S. dollars or Chinese yuan and remit the funds through bank accounts to designated recipients. As a result, bank records showed the payer was not Zhang Jianqiang himself, making it harder to trace the funds.
Using the case of an implicated commune chief in Koh Kong province as an example, the ACU said Zhang Jianqiang is suspected of making payments through similar methods. In addition, immigration police officer Phe Phat Pheng has been accused of abusing his position to handle entry and other matters for related individuals. The case has now entered judicial proceedings.
The ACU said the case shows that criminal groups can use the "crypto transfer–money changer exchange–bank remittance" route to move funds quickly and hide their origins. The investigation is ongoing, and authorities will further trace the flow of the implicated funds and related individuals and deal with the criminal proceeds in accordance with the law.
