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Cambodian Huione Group Received $98B in Crypto Leading to U.S. Crackdown: Elliptic
The group rolled out its own stablecoin in January to avoid traditional currency restrictions.
Updated May 2, 2025, 7:22 p.m. Published May 2, 2025, 3:50 p.m.
What to know:
- Elliptic says Huione Group received $98 billion worth of crypto since its inception in 2014.
- FinCEN proposed restricting the group's access to the U.S. financial systems on Thursday.
- The conglomerate launched its own stablecoin in January to "avoid transfer restrictions of traditional digital currencies.”
Huione Group, the Cambodia-based conglomerate that the U.S. Treasury Department wants to cut out of the U.S. financial system, received $98 billion worth of crypto since 2014 through illicit schemes like money laundering, pig butchering and online scams, according to blockchain security firm Elliptic.
The company, which has links to the Asian country's ruling Hun family, runs a Telegram-based marketplace where users can purchase personal data, money laundering services and even electric shackles intended for use on human beings.
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“Huione Group has come under intense scrutiny this week, with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) identifying the Cambodia-based conglomerate as an entity [of] primary money laundering concern," Elliptic co-founder Tom Robinson told CoinDesk.
In January, the company introduced its own stablecoin that, unlike third-party assets like Tether's USDT, cannot be frozen by external organizations. The stablecoin, USDH, was created to "avoid transfer restrictions of traditional digital currencies.”
Despite rolling out the stablecoin, Robinson said FinCEN's move to clamp down on Huione is a "significant blow" to the conglomerate.
"This should serve as a wake-up call for the broader financial ecosystem to strengthen the detection and disruption of cross-border laundering networks," he added.
Huione also received $150,000 worth of crypto from North Korean hacker Lazarus Group, which stole around $3 billion worth of crypto between 2018 and 2024, according to a report from cybersecurity firm Recorded Future.
An attempt to contact the company by email was not answered by publication time.
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