U.S. Targets Huione Group Over $4B Crypto Laundering Ties
By: bitcoin ethereum news|2025/05/02 17:45:02
0
Share
Huione Group laundered over $4B tied to crypto scams and North Korean cyber operations. FinCEN proposed banning Huione from U.S. banks under Section 311 of the Patriot Act. Huione launched a stablecoin to bypass enforcement and aid transnational laundering. The United States Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed a rule that would bar the Cambodia-based Huione Group and its affiliates from accessing the U.S. financial system. The agency cited serious allegations of money laundering tied to cybercrime operations, including links to the North Korean hacker group Lazarus. The Financial Crimes Enforcement Network identified Huione as responsible for laundering $4 billion between August 2021 and January 2025 through North Korean cyber thefts, amassing at least $37 million. According to Treasury Secretary Scott Bessent, the USA PATRIOT Act Section 311 proposed action seeks to interrupt Huione’s role as a financial channel benefiting illicit actors. “This proposed action will sever Huione Group’s access to correspondent banking, degrading these groups’ ability to launder their ill-gotten gains,” Bessent said in a formal statement released Thursday. Crypto Fraud, Stablecoins, and Illicit Online Services FinCEN’s filing accused Huione of supporting a wide array of illegal activity, including transnational crypto scams and so-called “pig butchering” frauds. Using fake romance or investment schemes, these scams lure victims into fake romantic or investment schemes, extracting crypto assets from their victims. According to blockchain analytics firm Elliptic, Huione offered personal data services, hosted payment platforms, and operated online marketplaces used by cybercriminals. Its infrastructure included Telegram-based chat groups to coordinate laundering operations and sell illicit tools. One platform, Haowang, was described in a UN report as a “one-stop shop” for cyber scam services. Related: Gemini, Binance Breach Claims Surface: Is Your Crypto Account Data at Risk? Earlier this year, Huione reportedly introduced a proprietary stablecoin, a digital asset intended to help bypass enforcement actions and seizure efforts by authorities. FinCEN noted that although Huione lacks direct relationships with U.S. banks, the new rule would proactively prevent American financial institutions from opening or managing any accounts tied to Huione entities. Also, banks would need enhanced scrutiny of transactions linked to the group. U.S. Crackdown Signals Regulatory Pressure on Cybercrime Ecosystems This proposal represents the most aggressive U.S. action yet against Huione Group. The New York Times previously reported Huione’s role as a central node in a global laundering network, facilitating billions in transactions that supported scams and state-linked cyberattacks. The action also follows growing international concern over Southeast Asian laundering hubs. The United Nations Office on Drugs and Crime had recently warned that similar networks were multiplying in the region, potentially weakening enforcement impact. Huione has yet to respond to the proposed rulemaking. FinCEN has opened a 30-day public comment period following the rule’s publication in the Federal Register. The decision would mark a significant step in U.S. efforts to disrupt financial infrastructure aiding state-backed cybercrime and crypto fraud if finalized. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company. Source: https://coinedition.com/fincen-proposes-ban-on-huione-group-for-crypto-scams-north-korea-links/
You may also like
BIS Report Compliance Observation: The Real Risks of Stablecoins, Not Just "Depegging"
The issue with stablecoins is not just whether their price will decouple, but whether they can be integrated into a recognizable, monitorable, accountable, and regulated financial system.
When American giants collectively "defect" from Chinese AI models
Coinbase CEO publicly stated: the company has fully switched its AI to a Chinese model, cutting expenses in half while usage has doubled. Snowflake and Lindy are also doing the same thing—an unnoticed "AI model migration wave" is happening.
A pre-announced harvesting case: After the cryptocurrency price dropped by 99%, the public chain Saga exited to transform into AI
True failure often isn't a single price drop, but rather a pricing mechanism that repeatedly rewards those who tell stories while repeatedly punishing those who believe in the stories.
Ethereum Foundation Report: A Basic Guide to Ethereum for Governments and Financial Institutions
The Ethereum Foundation has released this non-technical introductory report aimed at government officials, central banks, regulators, and corporate decision-makers, explaining how Ethereum works, how it is governed, how it differs from other blockchains, and how institutions and governments are alre...
Portugal 2-1 Croatia: Ronaldo's 20-Year Knockout-Stage Drought Ends With a Debt Finally Collected
Portugal beat Croatia 2-1 in the 2026 global football championship's knockout rounds as Ronaldo scored his first-ever knockout-stage goal, Gonçalo Ramos struck a stoppage-time winner, and VAR ruled out a late equalizer for offside.
Bitcoin Price Prediction July 2026: Will BTC Recover to $70K or Drop Below $55K?
Bitcoin price prediction for July 2026: Can BTC recover to $70,000 or fall below $55,000? Explore ETF flows, key support levels, Fed outlook, and our Bitcoin forecast.
A South Korean company that learned the strategy of hoarding coins, from a bull market to delisting?
When the overall momentum of the Korean stock market is strong, this batch of cryptocurrency concept stocks, branded as the "Korean version of Strategy," finds itself at a crossroads of life and death.
Where is Zhao Changpeng's billion-dollar investment going? YZi Labs' investment landscape fully revealed
Zhao Changpeng's billion-dollar new "family office" YZi Labs investment landscape revealed: 70% of the funds are committed to the crypto ecosystem, while 30% are cross-industry bets on AI and biotechnology, launching a new capital experiment in the post-Binance era.
Semiconductor stocks plummet, yet Anthropic wants to create a 2nm chip
Abandoning TSMC and teaming up with Samsung. Anthropic launches a self-developed 2nm chip program, challenging Nvidia and starting a battle to break through computing power costs.
WEEX API Broker Program: Turn Your Trading Platform Into a Revenue Engine
Become a WEEX API Broker and earn up to 70% trading fee sharing. Get institutional-grade liquidity, OAuth Fast Connect, and a 4-5 day integration for your AI trading platform, bot, or signal community.
How to choose between buying discounted ETH, Bitmine, and SharpLink?
The answer may not lie in whose story is told better, but in specific dimensions such as cost of holding, financing ability, liquidity, and whether the narrative can be realized.
Do you want to buy CRCL?
A detailed breakdown of Circle's business fundamentals and valuation logic: The panic over OUSD and the market correction have triggered a short-term mispricing, presenting an opportunity for left-side positioning and legislative speculation below $60.
Wosh: Inflation has cooled in recent weeks, AI is reshaping the economy, and forward guidance has lost its necessity
Federal Reserve Chairman Waller clearly stated at the ECB forum that the Fed will abandon forward guidance on interest rates, with future decisions relying entirely on real-time economic data. He noted that inflation risks in the U.S. have decreased over the past four weeks, but the ultimate impact ...
The most secretive AI winner
A century-old company that sells toilets and produces MSG has seen its stock price soar by "positioning" core materials for AI chips. This article clarifies the explosive opportunities for domestic substitution of semiconductor materials in the A-share market.
Looking at Stripe's ambitions and the future of stablecoins from OUSD
Stripe enters the stablecoin network battle with OUSD, a comprehensive look at the third paradigm evolution of digital dollars and the new infrastructure for global payments in the AI era.
From Pump.fun to Collector Crypt: Has Solana's income throne changed hands?
The revenue from consumer applications on Solana is no longer solely reliant on meme coin issuance, but is gradually spreading to more consumption scenarios.
Dan Bin's latest speech: Don't miss out on a great era
Don't let hesitation trap your steps, and don't let shortsightedness waste the passing years—make sure not to miss this magnificent era that belongs to us.
Robinhood launches its own blockchain, no longer wanting to be a tenant on others' chains
While laying off employees and issuing bonds, it is the predictive market business that temporarily supports the income.
BIS Report Compliance Observation: The Real Risks of Stablecoins, Not Just "Depegging"
The issue with stablecoins is not just whether their price will decouple, but whether they can be integrated into a recognizable, monitorable, accountable, and regulated financial system.
When American giants collectively "defect" from Chinese AI models
Coinbase CEO publicly stated: the company has fully switched its AI to a Chinese model, cutting expenses in half while usage has doubled. Snowflake and Lindy are also doing the same thing—an unnoticed "AI model migration wave" is happening.
A pre-announced harvesting case: After the cryptocurrency price dropped by 99%, the public chain Saga exited to transform into AI
True failure often isn't a single price drop, but rather a pricing mechanism that repeatedly rewards those who tell stories while repeatedly punishing those who believe in the stories.
Ethereum Foundation Report: A Basic Guide to Ethereum for Governments and Financial Institutions
The Ethereum Foundation has released this non-technical introductory report aimed at government officials, central banks, regulators, and corporate decision-makers, explaining how Ethereum works, how it is governed, how it differs from other blockchains, and how institutions and governments are alre...
Portugal 2-1 Croatia: Ronaldo's 20-Year Knockout-Stage Drought Ends With a Debt Finally Collected
Portugal beat Croatia 2-1 in the 2026 global football championship's knockout rounds as Ronaldo scored his first-ever knockout-stage goal, Gonçalo Ramos struck a stoppage-time winner, and VAR ruled out a late equalizer for offside.
Bitcoin Price Prediction July 2026: Will BTC Recover to $70K or Drop Below $55K?
Bitcoin price prediction for July 2026: Can BTC recover to $70,000 or fall below $55,000? Explore ETF flows, key support levels, Fed outlook, and our Bitcoin forecast.
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com



