Another attack by an empty agency on the advertising giant AppLovin, accusing him of being associated with Cambodian criminal groups, was strongly rejected.

According to CNBC, the mobile advertising technology giant AppLovin had sent a suspension and termination letter to Capital Watch, an empty body that had previously made alarming allegations about its association with a Cambodian business that had been criminalized by the United States Treasury Department.

The communication obtained by CNBC states that “the report contains a large number of absurd and proven false statements of fact concerning AppLovin” and that its findings are “presumed conspiracies”. AppLovin asked Capital Watch to withdraw its 35-page report and follow-up statement issued last week. Capital Watch issued a statement on Wednesday to insist on the content of its report. The company’s re-social media said: “Our report reflects a six-month rigorous investigation supported by documents and multiple sources, including investors, victims of alleged financial fraud and whistleblowers. We will continue to cover, including the next edition of the series, AppLovin’s Nine Issues.”

In his statement, Capitalwatch claimed that it was not an empty body, but an independent media that had no financial interest in AppLovin. Its service clause states that the company does not hold “the securities position of the company mentioned in the report”, but does not state whether the company, related party or employee holds other stock positions. Capitalwatch claims that AppLovin “has turned into a safe haven for cross-border black money”. He accused Hao Tang, the main shareholder of Applovin, of having close ties to Chen Zhi, the chairman of the Cambodian financial group. The United States Department of Justice had indicted the Princes Group in October last year for telecommunications fraud and money-laundering and had seized approximately $15 billion in bitcoin from its encrypted currency wallet. The United States Department of the Treasury identifies them as transnational criminal organizations. The Crown Prince Bank, which is also a payment partner for the “superapply” Now in Cambodia, also appears in Capitalwatch’s allegations. In a letter to Capitalwatch, AppLovin stated: “AppLovin did not cooperate with the Princes Group, Woodnow or any other interested party. Neither do you have any evidence of a connection.” In 2022, Prince Bank worked with Wow Now to provide online payments. In its letter, AppLovin requested the Agency to maintain all documents and correspondence records relating to the company.

Capitalwatch is the latest empty body to question Applovin, following last year’s water-smuggling study, Fuzzy Panda and Cooper Research. Last March, Fuzzy Panda urged the PIF 500 Committee to exclude AppLovin from the benchmark index, to reiterate AppLovin’s allegations of “systematic abuse of authority”, advertising fraud and suspicious data operations, and to argue that the company did not meet the “gold standard” of the standard 500. Shortly thereafter, the Water Spectrum Research published a report claiming that the advertising giant was “based on systematic violations of third-party platform service clauses”. Chief Executive Officer Adam Forrugi of Applovin described these empty reports as “misleading” and “filled with inaccurate information and false assertions”. He said: “It is disappointing that a small number of malicious vaccinators, seeking personal economic gain, have made false and misleading allegations to undermine our success and to press stock prices.” Since its listing in April 2021 at about US$ 65 per share, AppLovin ‘ s share price has soared and is currently at around US$ 550 per share. The Unit performed alarmingly in 2024, with a cumulative increase of over 71 per cent. However, for AppLovin, 2025 was a multi-year year — selling all 10 of its games studios to Tripredot at $800 million and briefly participating in a bid for a United States-operated TikTok break-up.