US and UK Launch Unprecedented Crackdown on Southeast Asian Crypto Scam Networks
The United States and United Kingdom have executed their largest coordinated enforcement action against cybercriminal operations in Southeast Asia, targeting crypto-fueled money laundering schemes. Sanctions hit Cambodia's Prince Group and Huione Group, with the latter accused of processing $4 billion in illicit funds through cryptocurrency and traditional channels between 2021-2025.
Huione's infrastructure allegedly facilitated North Korean cyber heists and 'pig butchering' romance scams. The U.S. Treasury's new PATRIOT Act rule severs Huione from dollar clearing and crypto settlement networks, while OFAC blacklisted 146 entities tied to Prince Group's operations.
This action follows a surge in U.S. scam losses exceeding $16.6 billion, underscoring growing transnational coordination against crypto-enabled financial crime. The MOVE signals heightened scrutiny of Southeast Asia's role in digital asset-related illicit finance.
