{"investigation":{"slug":"huione-group","entity_name":"Huione Group","trust_score":2,"severity_base":null,"score_modifier":0,"confidence":0.97,"status":"published","content_type":"investigation","summary":"Huione Group is a Cambodia-based conglomerate accused of operating the largest illicit online marketplace in history and serving as a primary node for laundering proceeds from pig-butchering crypto scams, North Korean state-sponsored heists, and other cybercrimes. The U.S. Treasury's FinCEN designated Huione Group a foreign financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act in May 2025 and issued a final rule severing it from the U.S. financial system in October 2025. Key subsidiaries include Huione Pay PLC, Huione Crypto, and the Telegram-based marketplace Haowang Guarantee (formerly Huione Guarantee), which processed an estimated $24–27 billion in illicit transactions.","sections":[{"content":"Huione Group is a Cambodian financial conglomerate headquartered in Phnom Penh. It operates as a subsidiary of Prince Group, the holding entity controlled by Chinese-Cambodian tycoon Chen Zhi. The group's principal operating entities include Huione Pay PLC, a licensed payment services institution; Huione Crypto, a virtual assets service provider (VASP); and Haowang Guarantee (formerly Huione Guarantee), a Telegram-based online marketplace. Elliptic's blockchain analytics identified that addresses associated with Huione Group entities collectively received over $98 billion in cryptoassets as of May 2025. The group also launched the Huione Chain (also marketed as Xone Chain) blockchain, an associated decentralized exchange, and its own stablecoin designated USDH.","heading":"Overview and Corporate Structure","sources":[{"url":"https://www.coindesk.com/business/2025/05/02/cambodian-huione-group-received-usd98b-in-crypto-leading-to-u-s-crackdown-elliptic","name":"coindesk.com","type":"other","credibility":3},{"url":"https://www.elliptic.co/blog/huione-largest-ever-illicit-online-marketplace-stablecoin","name":"elliptic.co","type":"other","credibility":3},{"url":"https://en.wikipedia.org/wiki/Huione_Group","name":"en.wikipedia.org","type":"other","credibility":3}],"severity":"medium"},{"content":"Huione Group has documented ties to Cambodia's ruling Hun family. Hun To, a cousin of current Prime Minister Hun Manet and nephew of former Prime Minister Hun Sen, held a 30% ownership stake in Huione Pay and served as Chairman of the Board of Directors of Huione Life Insurance, another entity within the group. Hun To's late father was the brother of Hun Sen, who governed Cambodia for nearly four decades before handing power to his son in 2023. These connections are reported by Protos and other outlets, and are cited in regulatory analyses as a factor enabling the group's operations to persist within Cambodia. Thai police separately pursued legal action against the Hun Sen-linked company over alleged call centre gang ties.","heading":"Political Connections and Ownership","sources":[{"url":"https://protos.com/cambodian-pms-cousin-owned-30-of-scam-linked-huione-pay/","name":"protos.com","type":"other","credibility":3},{"url":"https://www.dlnews.com/articles/regulation/cambodia-firm-linked-to-ruling-family-tied-to-crypto-scams/","name":"dlnews.com","type":"other","credibility":3},{"url":"https://www.nationthailand.com/news/politics/40051321","name":"nationthailand.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Elliptic's July 2024 research identified Huione Guarantee as the largest illicit online marketplace ever documented. Operated primarily through Telegram channels, the platform served vendors offering money laundering services, stolen personal data, technical infrastructure for fake investment websites, and equipment used in pig-butchering scam operations. Pig-butchering scams (also known as sha zhu pan) are a form of long-con fraud in which victims are cultivated via social media or dating apps and gradually convinced to invest in fraudulent cryptocurrency platforms. As of Elliptic's reporting, wallets linked to the platform received at least $11 billion from scam operations. By early 2025, Elliptic estimated the platform's total transaction volume had grown to at least $24–27 billion, making it the largest illicit online marketplace in recorded history. In May 2025, Telegram removed channels associated with Haowang Guarantee and the related Xinbi Guarantee marketplace following insights provided by Elliptic. Despite the initial shutdown, Huione Group acquired a new Telegram identifier by May 25, 2025 and continued operations under modified branding, with transaction volume reportedly increasing following the FinCEN designation.","heading":"Huione Guarantee and Haowang Guarantee: Illicit Marketplace Operations","sources":[{"url":"https://www.elliptic.co/blog/cyber-scam-marketplace","name":"elliptic.co","type":"other","credibility":3},{"url":"https://www.coindesk.com/policy/2024/07/10/cambodias-huione-guarantee-enables-global-scams-worth-11-billion-report","name":"coindesk.com","type":"other","credibility":3},{"url":"https://www.coindesk.com/business/2025/05/15/telegram-shuts-down-largest-illicit-online-marketplace-after-elliptics-insights","name":"coindesk.com","type":"other","credibility":3},{"url":"https://www.chainalysis.com/blog/huione-guarantee-still-active-despite-shutdown/","name":"chainalysis.com","type":"other","credibility":3}],"severity":"medium"},{"content":"On May 1, 2025, the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking under Section 311 of the USA PATRIOT Act, identifying Huione Group as a foreign financial institution of primary money laundering concern. FinCEN's findings documented that Huione Group laundered at least $4 billion in illicit proceeds between August 2021 and January 2025. Of that total, at least $37.6 million was attributable to North Korean state-sponsored cyber heists, at least $36 million to convertible virtual currency (CVC) investment scams including pig butchering, and $300 million to other cyber scams. On October 15, 2025, FinCEN issued a final rule, as part of a coordinated U.S. and UK enforcement action described by Treasury as the largest action ever taken against cybercriminal networks in Southeast Asia. The final rule prohibits covered U.S. financial institutions from opening or maintaining correspondent accounts for or on behalf of Huione Group, effectively severing the group from the U.S. financial system.","heading":"FinCEN Designation and U.S. Regulatory Action","sources":[{"url":"https://www.fincen.gov/news/news-releases/fincen-finds-cambodia-based-huione-group-be-primary-money-laundering-concern","name":"fincen.gov","type":"other","credibility":3},{"url":"https://www.fincen.gov/news/news-releases/fincen-issues-final-rule-severing-huione-group-us-financial-system","name":"fincen.gov","type":"other","credibility":3},{"url":"https://www.federalregister.gov/documents/2025/10/16/2025-19571/imposition-of-special-measure-regarding-huione-group-as-a-foreign-financial-institution-of-primary","name":"federalregister.gov","type":"other","credibility":3},{"url":"https://home.treasury.gov/news/press-releases/sb0278","name":"home.treasury.gov","type":"other","credibility":3}],"severity":"medium"},{"content":"FinCEN's May 2025 designation specifically identified Huione Group as a laundering conduit for proceeds of cyberheists carried out by the Lazarus Group, a North Korean state-sponsored hacking organization sanctioned by OFAC. Between June 2023 and February 2024, Huione Pay received cryptocurrency worth over $150,000 directly from a digital wallet attributed to Lazarus. FinCEN documented at least $37.6 million in DPRK-attributed heist proceeds processed through Huione Group over the broader period. Elliptic's blockchain forensics separately traced proceeds of the July 2024 WazirX hack — in which $235 million was stolen from the Indian exchange and attributed to DPRK-linked actors — flowing through addresses linked to both Huione Guarantee and Xinbi Guarantee. The U.S. Treasury noted that Lazarus Group proceeds funneled through Huione supported North Korea's sanctions-violating ballistic missile program.","heading":"North Korea Lazarus Group Connections","sources":[{"url":"https://www.dlnews.com/articles/regulation/us-cuts-off-huione-4bn-crypto-launder-north-korea-stablecoin/","name":"dlnews.com","type":"other","credibility":3},{"url":"https://www.elliptic.co/blog/235-million-lost-by-wazirx-in-north-korea-linked-breach","name":"elliptic.co","type":"other","credibility":3},{"url":"https://www.trmlabs.com/resources/blog/treasury-moves-against-huione-group-in-landmark-action-targeting-global-cybercrime-infrastructure","name":"trmlabs.com","type":"other","credibility":3},{"url":"https://dig.watch/updates/north-korean-hackers-funneled-stolen-crypto-to-asian-payment-firm","name":"dig.watch","type":"other","credibility":3}],"severity":"medium"},{"content":"In September 2024, following the freezing of Huione Pay's Tether (USDT) accounts by Tether Ltd in July 2024, Huione Group launched its own stablecoin, USDH. The stablecoin was explicitly marketed as 'unfreezable' and as a currency 'not restricted by traditional regulatory agencies,' distinguishing it from USDT which can be frozen by its issuer at the request of law enforcement. USDH was issued across multiple public blockchains including Ethereum, BNB Chain, and Tron, as well as Huione's proprietary Huione Chain. The group also launched a decentralized exchange (DEX) and a crypto wallet application to support USDH transactions. Elliptic characterized the stablecoin launch as a deliberate evasion mechanism designed to circumvent the regulatory and financial constraints that had begun to restrict the group's use of third-party stablecoins.","heading":"USDH Stablecoin and Regulatory Evasion Infrastructure","sources":[{"url":"https://www.elliptic.co/blog/huione-largest-ever-illicit-online-marketplace-stablecoin","name":"elliptic.co","type":"other","credibility":3},{"url":"https://cryptoslate.com/shadowy-marketplace-huione-launches-usdh-stablecoin-to-evade-scrutiny/","name":"cryptoslate.com","type":"other","credibility":3},{"url":"https://www.theblock.co/post/334507/huione-alleged-operators-of-largest-illicit-online-marketplace-launches-censorship-resistant-stablecoin-elliptic","name":"theblock.co","type":"other","credibility":3}],"severity":"medium"},{"content":"Cambodia's National Bank (NBC) revoked Huione Pay PLC's payment services license on September 25, 2024, citing compliance violations and findings that the company's operations were not in accordance with applicable laws and regulations. The revocation followed regulatory inspections that identified the firm's alleged facilitation of crypto off-ramping for illicit purposes, money laundering, and technical support for fraudulent investment websites. Huione Pay was subsequently placed into liquidation by Reachs & Partners Co. Ltd, completing its wind-down by June 2025. In December 2025, Huione's remaining banking operations faced a customer bank run, with depositors queuing outside locked doors and the entity freezing withdrawals. The company subsequently rebranded Huione Pay as H-Pay in an apparent attempt to continue operations under a new identity. The NBC separately warned creditors to seek court resolution for outstanding claims.","heading":"Cambodian Regulatory Actions and License Revocation","sources":[{"url":"https://www.khmertimeskh.com/501800630/nbc-revokes-huione-pay-plcs-license-issues-warning-on-cryptocurrency-activities/","name":"khmertimeskh.com","type":"other","credibility":3},{"url":"https://www.business-humanrights.org/en/latest-news/cambodia-huione-pays-banking-license-withdrawn-following-allegations-of-money-laundering-and-illicit-activities-including-facilitating-scams-incl-co-response/","name":"business-humanrights.org","type":"other","credibility":3},{"url":"https://www.coindesk.com/policy/2025/12/02/sanctioned-cambodian-bank-huione-halts-business-after-mass-run-on-accounts-report","name":"coindesk.com","type":"other","credibility":3},{"url":"https://cambojanews.com/h-pay-emerges-from-sanctioned-huione-pay-panda-bank-links-noted/","name":"cambojanews.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Chen Zhi, chairman of Prince Group and the controlling figure behind Huione Group, was arrested in Cambodia on January 7, 2026 and extradited to China to face charges of transnational crimes including operating online scam centers and crypto investment fraud. The U.S. Department of Justice had separately indicted Chen Zhi in 2025 on charges related to operating cyber scam compounds in Cambodia that defrauded victims globally of billions of dollars. Li Xiong, a 41-year-old China-born national and alleged operational leader of Huione Group's money laundering network, was extradited from Cambodia to China on April 1, 2026, to face charges of large-scale fraud, money laundering, operation of illegal casinos, and concealment of criminal proceeds. Li's extradition followed the revocation of his Cambodian citizenship. The OCCRP and Recorded Future News covered both extraditions as significant milestones in the multinational effort to dismantle the Prince Group and Huione Group criminal infrastructure.","heading":"Key Arrests and Extraditions","sources":[{"url":"https://www.occrp.org/en/news/chairman-of-alleged-criminal-conglomerate-arrested-in-cambodia-and-extradited-to-china","name":"occrp.org","type":"other","credibility":3},{"url":"https://therecord.media/cambodia-extradites-alleged-cyber-scam-linchpin-to-china","name":"therecord.media","type":"other","credibility":3},{"url":"https://cryptonews.com/news/huione-money-laundering-boss-extradited-china/","name":"cryptonews.com","type":"other","credibility":3},{"url":"https://www.coinspeaker.com/huione-money-laundering-boss-extradited-china/amp/","name":"coinspeaker.com","type":"other","credibility":3}],"severity":"medium"},{"content":"On October 14–15, 2025, the United States and United Kingdom jointly announced what both governments described as the largest coordinated action ever taken against cybercriminal networks in Southeast Asia. The UK's Foreign, Commonwealth and Development Office (FCDO) imposed sanctions on Prince Holding Group and related individuals in a complementary action to FinCEN's final rule. TRM Labs reported that the coordinated operation also resulted in a record Bitcoin seizure of approximately $14–15 billion linked to Cambodian pig-butchering operations. The joint action reflected a broader pattern of international coordination targeting Southeast Asian scam compound infrastructure, including related actions against the Karen National Army in Burma and other regional actors.","heading":"UK Sanctions and Coordinated International Response","sources":[{"url":"https://home.treasury.gov/news/press-releases/sb0278","name":"home.treasury.gov","type":"other","credibility":3},{"url":"https://www.occrp.org/en/news/us-uk-launch-largest-ever-crackdown-on-southeast-asian-cybercrime-networks","name":"occrp.org","type":"other","credibility":3},{"url":"https://www.trmlabs.com/resources/blog/historic-u-s--u-k-operation-targets-southeast-asias-scam-compounds-with-record-15-billion-bitcoin-seizure","name":"trmlabs.com","type":"other","credibility":3},{"url":"https://www.coindesk.com/policy/2025/10/14/u-s-targets-cambodian-pig-butchering-takes-usd14b-in-bitcoin-as-biggest-ever-seizure","name":"coindesk.com","type":"other","credibility":3}],"severity":"medium"}],"timeline":[{"date":"2021-08","event":"FinCEN later establishes that Huione Group began laundering at least $4 billion in illicit proceeds starting around this period, based on on-chain analysis covering August 2021 through January 2025.","source":"","date_original":"2021-08-01"},{"date":"2024-07","event":"Tether Ltd freezes Huione Pay's USDT accounts following exposure of the group's illicit marketplace activities.","source":"","date_original":"2024-07-01"},{"date":"2024-07-10","event":"Elliptic publishes research identifying Huione Guarantee as a multi-billion dollar Telegram-based marketplace for online fraudsters, linking wallets to at least $11 billion in scam-related transactions. CoinDesk and other outlets report the findings.","source":""},{"date":"2024-09","event":"Huione Group launches the USDH stablecoin, explicitly marketed as 'unfreezable' and outside traditional regulatory oversight, in response to the Tether freeze.","source":"","date_original":"2024-09-01"},{"date":"2024-09-25","event":"Cambodia's National Bank (NBC) revokes Huione Pay PLC's payment services operating license, citing compliance violations.","source":""},{"date":"2025-05","event":"FinCEN issues a Notice of Proposed Rulemaking under Section 311 of the USA PATRIOT Act, designating Huione Group as a foreign financial institution of primary money laundering concern. Elliptic simultaneously publishes updated research estimating the group's total crypto inflows at $98 billion.","source":"","date_original":"2025-05-01"},{"date":"2025-05-13","event":"Telegram removes channels associated with Haowang Guarantee (formerly Huione Guarantee) and Xinbi Guarantee following Elliptic's disclosures. The two platforms had collectively processed an estimated $35 billion in transactions.","source":""},{"date":"2025-05-25","event":"Huione Group acquires a new Telegram identifier and resumes operations under modified branding, continuing to use the 'hw' initials and HaoWang bot name. Transaction volume reportedly increases post-shutdown.","source":""},{"date":"2025-10-15","event":"FinCEN issues a final rule severing Huione Group from the U.S. financial system, prohibiting U.S. financial institutions from maintaining correspondent accounts with the group. The U.S. and UK simultaneously announce their largest ever joint action against Southeast Asian cybercriminal networks, with the UK sanctioning Prince Holding Group.","source":""},{"date":"2025-12-02","event":"Reports emerge that Huione's remaining banking operations have been hit by a bank run, with depositors queuing outside locked branches and withdrawals frozen. The entity later rebrands as H-Pay.","source":""},{"date":"2026-01-07","event":"Prince Group chairman Chen Zhi is arrested in Cambodia and extradited to China to face charges of transnational crimes, fraud, and operation of scam compounds. He had been separately indicted by a U.S. court.","source":""},{"date":"2026-04","event":"Li Xiong, alleged operational leader of Huione Group's money laundering network, is extradited from Cambodia to China on charges of large-scale fraud, money laundering, and concealment of criminal proceeds.","source":"","date_original":"2026-04-01"}],"sources_used":[{"url":"https://www.fincen.gov/news/news-releases/fincen-finds-cambodia-based-huione-group-be-primary-money-laundering-concern","name":"FinCEN — Finds Cambodia-Based Huione Group to be of Primary Money Laundering Concern","type":"regulatory","archive_url":"http://web.archive.org/web/20260706121827/https://www.fincen.gov/news/news-releases/fincen-finds-cambodia-based-huione-group-be-primary-money-laundering-concern","credibility":1,"archive_timestamp":"2026-07-06T12:18:27+00:00"},{"url":"https://www.fincen.gov/news/news-releases/fincen-issues-final-rule-severing-huione-group-us-financial-system","name":"FinCEN — Issues Final Rule Severing Huione Group from U.S. Financial System","type":"regulatory","archive_url":"http://web.archive.org/web/20260531204302/https://www.fincen.gov/news/news-releases/fincen-issues-final-rule-severing-huione-group-us-financial-system","credibility":1,"archive_timestamp":"2026-05-31T20:43:02+00:00"},{"url":"https://www.federalregister.gov/documents/2025/10/16/2025-19571/imposition-of-special-measure-regarding-huione-group-as-a-foreign-financial-institution-of-primary","name":"Federal Register — Imposition of Special Measure Regarding Huione Group (Final Rule, October 2025)","type":"regulatory","archive_url":"http://web.archive.org/web/20260703002229/https://www.federalregister.gov/documents/2025/10/16/2025-19571/imposition-of-special-measure-regarding-huione-group-as-a-foreign-financial-institution-of-primary","credibility":1,"archive_timestamp":"2026-07-03T00:22:29+00:00"},{"url":"https://home.treasury.gov/news/press-releases/sb0278","name":"U.S. Department of the Treasury — U.S. and U.K. Take Largest Action Ever Targeting Cybercriminal Networks in Southeast Asia","type":"regulatory","archive_url":"http://web.archive.org/web/20260706121646/https://home.treasury.gov/news/press-releases/sb0278","credibility":1,"archive_timestamp":"2026-07-06T12:16:46+00:00"},{"url":"https://www.elliptic.co/blog/cyber-scam-marketplace","name":"Elliptic — Huione Guarantee: The multi-billion dollar marketplace used by online scammers","type":"research","archive_url":"http://web.archive.org/web/20260624131947/https://www.elliptic.co/blog/cyber-scam-marketplace","credibility":2,"archive_timestamp":"2026-06-24T13:19:47+00:00"},{"url":"https://www.elliptic.co/blog/the-u.s.-treasury-finds-huione-group-to-be-of-primary-money-laundering-concern","name":"Elliptic — The U.S. Treasury Finds Huione Group to be of Primary Money Laundering Concern Following Elliptic 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