PANews reported on May 27 that according to Cryptonews, the anti-human trafficking organization HRC reported on May 16 that senior Cambodian government officials are suspected of supporting a cryptocurrency fraud network with an annual output value of US$19 billion, which relies on forced labor and digital currency. The report accuses the Huione Group of being the core infrastructure of the country's "vertically integrated" fraud industry, and its business volume accounts for nearly 60% of Cambodia's GDP. According to data from the U.S. Treasury Department, the group's Telegram guarantee platform Huione Guarantee has processed more than US$4 billion in funds since 2021, and Prime Minister Hong Manet's cousin Hong Du serves as a director of the group.

The report said that fraudulent business is spreading from Sihanoukville and Phnom Penh to rural areas such as Koh Kong Province. Blockchain analysis company Elliptic found that Huione has issued its own stablecoin for illegal payments. The United Nations Office on Drugs and Crime report shows that similar criminal groups are building customized crypto ecosystems in Southeast Asia, involving exchanges, stablecoins and exclusive blockchains.