Huione Group Accused of Receiving $98 Billion in Illicit Crypto Transactions
Huione Group, a Cambodian conglomerate, has received $98 billion in cryptocurrency since 2014 through illegal activities such as money laundering and online scams, according to blockchain security firm Elliptic. Key points include:
- The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) identified Huione as a primary money laundering concern.
- Links to Cambodia’s ruling Hun family and operation of a Telegram marketplace for illicit services.
- In January, Huione launched its own stablecoin, USDH, designed to bypass transfer restrictions associated with traditional digital currencies.
- FinCEN's actions represent a significant setback for Huione, highlighting the need for improved detection of cross-border money laundering networks.
- Huione also received $150,000 in crypto from North Korean hacker group Lazarus Group, known for stealing approximately $3 billion in cryptocurrency between 2018 and 2024.