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U.S. Moves to Cut Cambodia’s Huione Group from Financial System Over Cybercrime Ties
U.S. Moves to Cut Cambodia’s Huione Group from Financial System Over Cybercrime Ties
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The U.S. Treasury Department has proposed severing Cambodia-based Huione Group from the American financial system, alleging the platform facilitates cybercrime for North Korean hackers and criminal networks. FinCEN identified Huione’s Telegram-based operation as a key hub for laundering stolen crypto assets, including proceeds from ’pig butchering’ romance scams.
Analytical firm Elliptic estimates Huione has processed up to $24 billion in illicit transactions. The group recently launched its own stablecoin, raising concerns about further misuse in crypto-related financial crimes.
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