U.S. Department of Justice Seizes Cloud Computing Account Used by Huione Group to Launder Billions in Crypto Scam Proceeds

PANews reported on June 24, citing The Block, that the U.S. Department of Justice has seized a cloud computing account used by Cambodia’s Huione Group, which is accused of laundering billions of dollars in cryptocurrency scam proceeds. Assistant Attorney General A. Tysen Duva stated that the account provided the technical backbone that enabled scam funds to be moved and concealed through Southeast Asian scam centers. The action is part of “Operation Torrent,” following last year’s designation of Huione Group as a primary money laundering concern by the U.S. Financial Crimes Enforcement Network. According to the statement, Huione subsidiaries are suspected of helping criminals transfer funds from investment fraud, cyber theft, and other illicit blockchain activities, ultimately funneling them into the legitimate banking system, with a significant portion of the thefts allegedly linked to North Korea. Huione’s “Huione Guarantee” platform had advertised stolen credit cards, identity information, malware proceeds, and human trafficking services on its Telegram channel. Blockchain analytics firm Elliptic noted that under financial pressure last year, Huione launched the stablecoin USDH and built out its own branded product line, including a decentralized exchange, wallet, and the “Huione Chain” (Xone).

U.S. Department of Justice Seizes Cloud Computing Account Used by Huione Group to Launder Billions in Crypto Scam Proceeds

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