Huione Group Garnered $98 Billion in Cryptocurrency, Prompting U.S. Regulatory Action: Elliptic

Huione Group, the Cambodia-based conglomerate that the U.S. Treasury Department seeks to exclude from the U.S. financial system, has received $98 billion worth of cryptocurrency since 2014 through unlawful activities such as money laundering, pig butchering, and online scams, according to blockchain security firm Elliptic. The company, which has ties to Cambodia’s ruling Hun family, operates a Telegram-based marketplace where users can acquire personal data, money laundering services, and even electric restraints intended for human use.

“Huione Group has faced heightened scrutiny this week, as the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has identified the conglomerate as an entity of primary money laundering concern,” stated Elliptic co-founder Tom Robinson.

In January, the company launched its own stablecoin, USDH, which, unlike third-party assets, cannot be frozen by external organizations. The stablecoin was created to “avoid transfer restrictions of traditional digital currencies.”

Despite the introduction of the stablecoin, Robinson noted that FinCEN’s action against Huione represents 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 emphasized.

Additionally, Huione received $150,000 worth of cryptocurrency from the North Korean hacker group Lazarus, which has stolen around $3 billion worth of cryptocurrency between 2018 and 2024, according to a report from cybersecurity firm Recorded Future.

Attempts to reach the company via email went unanswered by publication time.