US Targets Huione Group Over $4B Laundering Claims

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has proposed cutting off Cambodia-based Huione Group from the U.S. financial system, alleging the company laundered approximately $4 billion in illicit proceeds between August 2021 and January 2025. FinCEN claims Huione facilitated cybercrime, 'pig butchering' scams, and laundered tens of millions in funds linked specifically to North Korean cyberheists. The group’s digital payment and crypto services allegedly enabled Southeast Asian criminal syndicates to defraud U.S. citizens and move illicit funds, including through its own stablecoin. The proposed rule, under Section 311 of the Patriot Act, would bar U.S. financial institutions from maintaining correspondent accounts for Huione, effectively severing its U.S. financial ties. The public has 30 days to comment on the proposal. Officials say the action aims to disrupt global cybercriminal revenue streams and protect consumers.