What to know:
- AB Network is under scrutiny after an Organized Crime linking one of its promoted projects to individuals sanctioned to the Prince Group fraud network.
- The controversial crypto project was later canceled, with sanctioned individuals removed and no evidence showing direct wrongdoing by AB or its partners.
A controversial crypto project with political ties is currently facing scrutiny over links to individuals associated with an alleged scam network.
An investigation by Organized Crime and Corruption Reporting Project found that a blockchain network known as AB Network promoted a luxury resort project connected to individuals later sanctioned by the United States. The project was linked to many popular figures accused of ties to a major fraud operating across Southeast Asia.
Source: OCCRP.ORG
The AB Network had recently gained attention after partnering with World Liberty Financial, a cryptocurrency company co-owned by the family of Donald Trump. The partnership aimed to expand the use of a dollar-backed stablecoin on AB’s blockchain.
However, the investigation revealed that a proposed “blockchain theme resort” in Timor-Leste involved three individuals who were later sanctioned by the U.S. Treasury. These individuals were linked to the Prince Group, which authorities have accused of being part of a global scam network responsible for billions of dollars in fraud.
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The report noted that the sanctioned individuals were removed from the resort project shortly after the sanctions were announced. There is no evidence that AB Network or its partners were directly involved in illegal activity, and none of the individuals have been charged with crimes.
How the Resort Crypto Project Raises Red Flags
The resort was marketed as a major crypto project hub, designed to attract global investors and industry leaders. Plans included luxury villas, a yacht club, and a large tech-focused development near the capital city of Dili.
The project was expected to generate profits while positioning the region as a destination for crypto innovation. Despite these ambitions, the crypto project never moved beyond early stages. According to the report shared by AB, the agreement behind the development was canceled before any significant work began, and it did not result in financial or legal commitments.
Source: OCCRP.ORG
The Investigators also shared the details of a complex network of individuals behind AB, including business figures who were not publicly listed but played key roles in its operations and partnerships.
The findings come at a time when the whole of Southeast Asia has been seen as a hotspot for large-scale online scams, most of which are often run from compounds disguised as hotels, casinos, or tech hubs.
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