Overview
- An ICIJ-led project reports that drug cartels, trafficking syndicates and North Korean hackers moved criminal proceeds through major cryptocurrency platforms and off-ramp services.
- Cambodia’s Huione Group is alleged to have laundered at least $4 billion from 2021 to early 2025, with ICIJ data showing $408 million routed to Binance from July 2024 to July 2025 and about $226 million into OKX accounts after its 2025 plea.
- India’s cybercrime unit I4C flagged 27 exchanges tied to Rs 623.63 crore siphoned from 2,872 victims in 21 months and traced recurring laundering routes through Dubai and Cambodia to Chinese scam networks.
- Undercover reporting in Canada documented anonymous crypto-to-cash handoffs, including a $1,900 pickup verified only by a $5 bill’s serial number and offshore offers to deliver up to $1 million in cash, with the 001k service linked to $14.8 billion in received crypto since 2022.
- Regulatory and enforcement gaps persist despite at least $5.8 billion in exchange penalties, with FINTRAC citing limited capacity and Indian agencies still formalizing secure custody rules for seized digital assets.