U.S. Treasury Plans to Cut Off Cambodia's Huione Group from Financial System

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has proposed cutting off the Cambodia-based Huione Group from the U.S. financial system, citing the organization's support for criminal groups such as North Korean hackers. FinCEN stated that the Telegram-based operation is a "key node in laundering cyber heist proceeds" and assists in "pig-butchering" scams. Treasury Secretary Scott Bessent said, "Huione Group has become the preferred market for North Korea and criminal groups." Elliptic estimates that Huione handles up to $24 billion in such transactions.