- Fincen says the Huione Group raised nearly $ 4 billion worth of illegal income in August 2021 and January 2025.
- The claims led the Treasury Department to prohibit the group from accessing the American banking system.
The US Treasury Department wants to ban the Huione Group based on Cambodia from accessing the American Banking System. The department also admitted that the group helped a hacker group from North Korea in the cryptocurrency laundering.
On May 1, the Treasury Department's Financial Crimes Enforcement Network (FINCEN) made a proposal To inhibit financial institutions from opening or maintaining letters or paying-through accounts for or on behalf of the huione group.
Scott Bessent, the US secretary of the US Treasury, revealed that the Huione Group has set itself as a trading center selected for evil actors such as the Lazarus Group. Accused the group of billions of billions of dollars from Native Americans.
He continued to add that the suggested action would cut off the huione group's access to the corresponding banking, which would reduce these groups' capabilities in the launder funds.
Huione's deep relationship with Cybercrime
Also, the Huione Group has established a network of businesses, including the Huione Pay PLC payment platform, a Crypto Exchange Huione Crypto, and Haowang guarantee, a telegram -based market that delivers frauds.
However, the combined -with -the -hand holds of any correspondent accounts at US financial institutions; It maintains accounts with foreign companies involved here, as Fincen noted in its proposal.
The proposal for the public comment is open for 30 days before the full effect is fulfilled. As per claim of FINCENThe Huione Group raised nearly $ 4 billion worth of illegal income in August 2021 and January 2025.
It also includes more than $ 36 million from pig butchering scams. Around $ 37 million worth of crypto is directly related to North Korea's criminal cyber. The Treasury also noted that criminals associated with the Huione Group are drawing crypto through illegal activities and eventually convert it to Fiat Currency.
The National Bank of Cambodia also announced that payment companies are not allowed to deal with or trade virtual ownership in the country and canceled the local bank banking license this March.
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