In recent developments, Huione Group, a conglomerate based in Cambodia, has drawn significant attention from the U.S. Treasury Department, which is looking to sever its ties with the U.S. financial system. A blockchain security firm, Elliptic, reported that the conglomerate has received a staggering $98 billion worth of cryptocurrency since 2014, primarily through illicit activities such as money laundering, ‘pig butchering,’ and online scams.
With documented ties to Cambodia’s ruling Hun family, Huione Group operates a notorious Telegram-based marketplace that offers a range of illegal services, including the sale of personal data, money laundering services, and even electric shackles intended for use on human beings.
Tom Robinson, co-founder of Elliptic, noted that Huione Group is now under intense scrutiny, having been identified by the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) as a primary money laundering concern. This classification signifies a serious risk associated with the conglomerate’s operations in the financial ecosystem.
Interestingly, the company introduced its own stablecoin in January, named USDH. Unlike other popular assets such as Tether’s USDT, USDH is designed to be exempt from external freezing by organizations. The stablecoin was created to circumvent the transfer restrictions faced by traditional digital currencies.
Despite this new offering, Robinson emphasized that FinCEN’s actions represent a ‘significant blow’ to Huione Group. He cautioned that this situation should serve as a wake-up call for the broader financial ecosystem to enhance detection and disruption efforts against cross-border money laundering networks.
Moreover, Huione Group’s connections extend beyond local concerns; the conglomerate reportedly received approximately $150,000 in cryptocurrency from the notorious North Korean hacker group, Lazarus Group. This group has been responsible for the theft of around $3 billion worth of cryptocurrency between 2018 and 2024, as highlighted by a report from cybersecurity firm Recorded Future.
Efforts to reach Huione Group via email for comments went unanswered at the time of publication, leaving many questions regarding their operations and future responses to these serious allegations.
