H-Pay Service PLC (Huione Successor Entity)
Summary
H-Pay Service PLC is a Cambodia-based payment company incorporated in October 2024 that U.S. regulators allege is a successor entity to Huione Pay, itself a subsidiary of the Huione Group — a conglomerate FinCEN designated as a primary money laundering concern in October 2025 for laundering at least $4 billion in illicit proceeds linked to North Korean state-sponsored cyber heists and Southeast Asian pig-butchering scam networks. On June 23–24, 2026, FinCEN proposed amending its Huione Group final rule to explicitly encompass H-Pay Service PLC and any future successors, while the DOJ simultaneously seized backend cloud infrastructure used by Huione Group subsidiaries to process billions in fraud proceeds. H-Pay is alleged to have assumed Huione Pay's branches, customer base, branding, and operational footprint specifically to circumvent the existing U.S. financial restrictions imposed on Huione Group.
Connected Entities
1 entities · 10 linked investigations- + 3 more
Timeline(14 events)
2021-08-01
Huione Group begins receiving illicit proceeds — the start date cited in FinCEN's formal analysis covering August 2021 to January 2025.
FinCEN Final Rule (October 2025)2024-05-01
Lazarus Group (DPRK) hacks Japanese virtual asset service provider DMM, stealing approximately $305 million; approximately $35 million later attributed to have transited Huione Group.
CryptoNews.com / FinCEN2024-07-01
Elliptic publishes first major exposure of Huione Guarantee as the world's largest illicit online Telegram marketplace.
Elliptic2024-09-01
National Bank of Cambodia suspends Huione Pay's payment services license.
Radio Free Asia / Cambodianess2024-10-01
H-Pay Service PLC incorporated in Cambodia according to the country's business registry. Hun To and Li Xiong resign from Panda Bank's board of directors.
CamboJA News2025-01-01
FinCEN's formal analysis of Huione Group illicit proceeds covers through this date — at least $4 billion total documented.
FinCEN2025-03-06
National Bank of Cambodia formally revokes Huione Pay's banking/payment services license.
Radio Free Asia2025-05-01
FinCEN issues proposed rulemaking identifying Huione Group as a financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act.
FinCEN2025-05-01
Telegram bans Huione Guarantee's channels. Successor dark marketplaces emerge to fill the void.
Elliptic2025-10-14
FinCEN issues final rule severing Huione Group from the U.S. financial system. UK Foreign, Commonwealth and Development Office and OFAC take complementary actions on the same date.
FinCEN2025-12-01
Approximately 1,300 Huione Pay customers submit identity documents and claims to the National Bank of Cambodia seeking recovery of frozen funds.
Cambodianess2026-06-23
U.S. DOJ announces seizure of cloud computing account used by Huione Group subsidiaries. FinCEN simultaneously issues NPRM to extend Huione Group final rule to H-Pay Service PLC and any future successor entities. Treasury also announces OFAC designations targeting 9 individuals and 26 entities linked to Prince Group TCO.
DOJ / FinCEN / Treasury2026-06-25
FinCEN NPRM (document 2026-12794) published in the Federal Register, formally proposing to extend the Huione Group primary money laundering concern designation to H-Pay Service PLC and successor entities.
Federal RegisterDecision Log
- hash: 23cxSLKy4ywaHYyWgj7sao5QnBqvywWG4oLVY51Riu5b
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 6/26/2026, 12:29:46 PM
last updated: 6/26/2026, 12:29:56 PM
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