U.S. Treasury Proposes Cutting Off Cambodia’s Huione Group from Financial System
The U.S. Treasury Department has proposed cutting off the Cambodia-based Huione Group from the U.S. financial system due to its facilitation of cyber-crime and connections with North Korean hackers.
- Huione is identified as a critical node for laundering proceeds from cyber heists and "pig butchering" scams.
- It handles up to $24 billion in illicit transactions, according to Elliptic.
- Huione launched a stablecoin earlier this year.
- Secretary of the Treasury Scott Bessent stated that Huione is the preferred marketplace for malicious actors.
- The proposal utilizes Section 311 of the USA PATRIOT Act to sever Huione from the financial system.
- Last year, Huione Pay received over $150,000 from a wallet linked to North Korean hackers, known for stealing billions in cryptocurrency.