Overview of the incident


On 01/05, the US Department of the Treasury, through the Financial Crimes Enforcement Network (FinCEN), proposed a complete ban on Huione Group – a large conglomerate in Cambodia – from accessing the US financial system. The reason: this group is accused of large-scale money laundering for the notorious North Korean hacker group – Lazarus Group, and facilitating numerous cross-border cryptocurrency investment frauds.



Huione Group – Money laundering link for cybercriminals


According to investigation documents from #FinCEN :



  • From 08/2021 to 01/2025, Huione Group is accused of laundering more than 4 billion USD of illegal money, including:



    • 37 million USD originating from cyberattacks carried out by North Korean hackers.





  • This group operates a series of crypto trading and online payment platforms, viewed as a 'paradise' for crime organizations to launder money through both fiat, cryptocurrency, and stablecoins.


Not stopping there, Huione is also accused of operating an online marketplace, providing goods and services for high-tech fraud activities. One of the notable platforms is the Haowang marketplace, evaluated by the United Nations as 'an ideal gathering point for cybercrime.'



Strategies to evade sanctions and risks to the crypto market


A notable fact: the blockchain analysis company Elliptic revealed #HuloneGroup that they once issued their own stablecoin to evade sanctions and prevent asset seizure by authorities.


This is a sign that crime organizations are leveraging blockchain technology to conceal illicit cash flows, thereby posing a potential threat to the global crypto ecosystem.



Impact on the cryptocurrency market and the Web3 community


The strong action of the US government against Huione serves as a serious warning to payment platforms, crypto exchanges, and stablecoin issuers – organizations that can be exploited in cross-border money laundering activities.


With the increase in control measures and blockchain investigations, crypto users and investors need to be more cautious when participating in services that are not clearly verified, especially in high-risk areas such as some countries in Southeast Asia.



Risk warning


The crypto market always poses high risks and is easily exploited by organized crime groups. The information in this article is not investment advice. Users should thoroughly assess and verify the transparency of the platform before participating, especially with services related to anonymous transactions, uncontrolled wallets, or unusual stablecoins.#anhbacong