Huione Group’s $98B Crypto Haul Triggers U.S. Regulatory Onslaught: Elliptic Report

Cambodia’s Huione Group just became the poster child for crypto’s wild east era—processing a staggering $98 billion in digital asset transactions, according to blockchain sleuths at Elliptic. Now Washington’s compliance hammer is coming down hard.

Behind the numbers: The Southeast Asian conglomerate operated like a shadow financial hub, funneling funds through opaque crypto channels until forensic analysts connected the dots. No surprise—U.S. regulators hate unsupervised dollar alternatives.

Why it matters: When nine-figure crypto flows bypass SWIFT, Treasury Department blood pressure spikes. This crackdown proves decentralized finance still answers to centralized power—especially when it threatens the greenback’s dominance.

The kicker? Huione’s alleged ’banking innovation’ looks suspiciously like the exact money laundering loopholes crypto promised to fix. Maybe Web3 needs fewer libertarian fantasies and more compliance officers.