Particle.news
Download on the App Store
5 ARTICLES
·
3w ago

U.S. Treasury Moves to Cut Off Huione Group Over $4 Billion Money Laundering Network

The Cambodia-based conglomerate is accused of facilitating North Korean cybercrime and global scams, prompting proposed sanctions under the PATRIOT Act.

Signage is seen at the United States Department of the Treasury headquarters in Washington, D.C., U.S., August 29, 2020. REUTERS/Andrew Kelly/File Photo
Huione website (Jesse Hamilton/CoinDesk)
Cambodian flag (Thoeun Ratana/Unsplash)
Image

Overview

  • The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) has proposed using Section 311 of the PATRIOT Act to sever Huione Group from the U.S. financial system.
  • Huione Group, based in Cambodia, allegedly processed $4 billion in illicit proceeds from cyber heists, romance scams, and other frauds between August 2021 and January 2025.
  • The conglomerate is accused of serving as a key laundering hub for North Korean hackers and criminal syndicates running 'pig butchering' cryptocurrency scams.
  • Treasury Secretary Scott Bessent stated the proposed sanctions aim to degrade Huione's ability to facilitate money laundering and disrupt its operations globally.
  • Earlier actions against Huione included the revocation of its payment license by the National Bank of Cambodia and the removal of its Telegram app by Google.