On May 2, 2025, the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury announced a major action: cutting off the Huione Group in Cambodia from the U.S. financial system, due to its alleged involvement in laundering money for criminal organizations, amounting to up to $24 billion! From North Korean hackers to 'pig butchering' scams, Huione quietly built a money laundering empire through cryptocurrency and Telegram. How was the $24 billion in illicit funds laundered? What 'black technologies' does Huione possess? What consequences will FinCEN's action bring? Let's uncover the 'money laundering secrets' of this Cambodian company.
How Cambodia's Huione became a money laundering 'factory': The flow path of $24 billion in illicit funds
On the surface, Cambodia's Huione Group provides payment and cryptocurrency services, but in reality, it is a money laundering 'factory'. FinCEN's investigation shows that Huione processed illegal transactions amounting to as much as $24 billion, with at least $4 billion explicitly linked to criminal activities. Specifically, Huione's 'clients' include North Korea's Lazarus Group and Southeast Asia's 'pig butchering' scam gangs. After stealing cryptocurrency through cyber attacks, Lazarus relied on Huione to convert the illicit funds into cash or other assets; meanwhile, the 'pig butchering' gangs quickly transferred victims' funds through Huione, such as money obtained from fake investment platforms, which could be 'cleaned' within hours.
Huione's money laundering methods are quite 'sophisticated'. They exploit the anonymity of cryptocurrencies, mixing funds through mixing services to obscure the source, and then use cross-chain technology to transfer funds across different blockchains, making tracking extremely challenging. Even more outrageous, Huione developed a USD stablecoin, USDH, specifically to evade asset freezes by regulators. The lax regulatory environment in Cambodia and the anonymity of Telegram allowed Huione to operate boldly. An Elliptic report states that Huione's Telegram channel even openly sells money laundering tools and personal data, resembling a 'criminal supermarket'.
FinCEN strikes: Where will crypto money laundering go after cutting off Huione?
FinCEN's action is unyielding, directly designating Huione as a 'primary money laundering concern' under Section 311 of the USA PATRIOT Act, prohibiting U.S. financial institutions from providing any services to it. U.S. Treasury Secretary Scott Bessent stated, 'Huione is a money laundering hub for criminal organizations and must be cut off.' This move will sever Huione's funding chain, forcing criminal organizations to seek alternatives.
But the problem is far from over. The Huione case is just the tip of the iceberg concerning crypto money laundering. The decentralized nature of blockchain makes tracking funds exceptionally difficult, and criminals may quickly turn to other regions with weak regulations, such as other Southeast Asian countries. The international community has begun to respond: Tether has frozen accounts related to Huione, and Elliptic has exposed its illegal transactions. However, technological advancements always outpace regulation, and closing the loopholes in crypto money laundering remains a global challenge.
Cambodia's Huione's $24 billion money laundering empire has been severed by FinCEN, but the storm of crypto money laundering is far from over. As ordinary people, we may be far from North Korean hackers, yet we could inadvertently fall into the trap of 'pig butchering' scams. The Huione case reminds us to be cautious with cryptocurrency investments, as there may be hidden 'money laundering factories' behind them.