U.S. Moves to Cut Cambodia’s Huione Group from Financial System Over Crypto Crime Ties
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 other illicit actors. FinCEN identified Huione’s Telegram-based operation as a hub for laundering proceeds from cyber heists and pig-butchering scams—fraudulent schemes that often exploit romantic connections to siphon crypto assets.
Analytical firm Elliptic estimates Huione has processed up to $24 billion in suspicious transactions. The group recently launched its own stablecoin, further embedding itself in the digital asset ecosystem. This action underscores Washington’s escalating crackdown on crypto-enabled financial crime networks operating across Southeast Asia.
