The United States has announced plans to disconnect the Cambodian platform Huione Group from the American financial system due to its involvement in large-scale money laundering. According to the Financial Crimes Enforcement Network (FinCEN), Huione, including Huione Pay, Huione Crypto, and Huione Guarantee, processed transactions worth $4 billion related to cybercrime, including the North Korean hacker group Lazarus. The platform, which operates via Telegram, has become a hub for fraudulent operations such as 'pig butchering' schemes and money laundering.
Analysts from Chainalysis and Elliptic found that since 2021, over $49 billion in cryptocurrency has passed through Huione, a significant portion of which is linked to illegal activities. The platform has ties to Cambodia's ruling family, complicating efforts to combat its operations. The proposed FinCEN rule, currently under a 30-day public comment period, would prohibit U.S. financial institutions from working with Huione Group.
This step is part of a broader U.S. strategy to combat cybercrime and protect the financial system. Stay updated on cryptocurrency and cybersecurity!
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