Huione Group, a Cambodia-based conglomerate whose Treasury wants to cut down the US financial system, has received $98 billion worth of codes since 2014, since 2014, worth $98 billion, according to blockchain security company Elliptic.
With links to the dominant Hun tribes of Asian countries, the company operates a telegram-based market where users can purchase personal data, money laundering services, and even electric shackles for use with humans.
“This week, the Huione Group is undergoing intense scrutiny, with the US Treasury Department’s Financial Crime Enforcement Network (FINCEN) identifying Cambodia-based conglomerates as major money laundering concerns,” Elliptic co-founder Tom Robinson told Coindesk.
In January, the company introduced its own Stablecoin. This is unlike third-party assets like Tether’s USDT, which cannot be frozen by external organizations. Stablecoin, USDH, was created to “avoid traditional digital currency transfer restrictions.”
Despite rolling out the stubcoin, Robinson said Finsen’s move to crack down on Huione was a “major blow” for the conglomerate.
“This should serve as a wake-up call to enhance the detection and disruption of cross-border laundry networks,” he added.
Huione also received $150,000 worth of codes from North Korean hacker Lazarus group and stole about $3 billion worth of codes between 2018 and 2024.
Attempts to contact the company via email were not responded to by publication time.