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{"actor":"system:backfill","investigation_id":"3ab87e87-0435-4d37-b30c-b1e0162d54c3","kind":"publish","page_slug":"huione-group","published_at":"2026-05-30T18:32:52.037Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Huione Group","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.coindesk.com/business/2025/05/02/cambodian-huione-group-received-usd98b-in-crypto-leading-to-u-s-crackdown-elliptic","type":"other","url":""},{"credibility":3,"name":"https://www.elliptic.co/blog/huione-largest-ever-illicit-online-marketplace-stablecoin","type":"other","url":""},{"credibility":3,"name":"https://en.wikipedia.org/wiki/Huione_Group","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://protos.com/cambodian-pms-cousin-owned-30-of-scam-linked-huione-pay/","type":"other","url":""},{"credibility":3,"name":"https://www.dlnews.com/articles/regulation/cambodia-firm-linked-to-ruling-family-tied-to-crypto-scams/","type":"other","url":""},{"credibility":3,"name":"https://www.nationthailand.com/news/politics/40051321","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.elliptic.co/blog/cyber-scam-marketplace","type":"other","url":""},{"credibility":3,"name":"https://www.coindesk.com/policy/2024/07/10/cambodias-huione-guarantee-enables-global-scams-worth-11-billion-report","type":"other","url":""},{"credibility":3,"name":"https://www.coindesk.com/business/2025/05/15/telegram-shuts-down-largest-illicit-online-marketplace-after-elliptics-insights","type":"other","url":""},{"credibility":3,"name":"https://www.chainalysis.com/blog/huione-guarantee-still-active-despite-shutdown/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.fincen.gov/news/news-releases/fincen-finds-cambodia-based-huione-group-be-primary-money-laundering-concern","type":"other","url":""},{"credibility":3,"name":"https://www.fincen.gov/news/news-releases/fincen-issues-final-rule-severing-huione-group-us-financial-system","type":"other","url":""},{"credibility":3,"name":"https://www.federalregister.gov/documents/2025/10/16/2025-19571/imposition-of-special-measure-regarding-huione-group-as-a-foreign-financial-institution-of-primary","type":"other","url":""},{"credibility":3,"name":"https://home.treasury.gov/news/press-releases/sb0278","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.dlnews.com/articles/regulation/us-cuts-off-huione-4bn-crypto-launder-north-korea-stablecoin/","type":"other","url":""},{"credibility":3,"name":"https://www.elliptic.co/blog/235-million-lost-by-wazirx-in-north-korea-linked-breach","type":"other","url":""},{"credibility":3,"name":"https://www.trmlabs.com/resources/blog/treasury-moves-against-huione-group-in-landmark-action-targeting-global-cybercrime-infrastructure","type":"other","url":""},{"credibility":3,"name":"https://dig.watch/updates/north-korean-hackers-funneled-stolen-crypto-to-asian-payment-firm","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.elliptic.co/blog/huione-largest-ever-illicit-online-marketplace-stablecoin","type":"other","url":""},{"credibility":3,"name":"https://cryptoslate.com/shadowy-marketplace-huione-launches-usdh-stablecoin-to-evade-scrutiny/","type":"other","url":""},{"credibility":3,"name":"https://www.theblock.co/post/334507/huione-alleged-operators-of-largest-illicit-online-marketplace-launches-censorship-resistant-stablecoin-elliptic","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.khmertimeskh.com/501800630/nbc-revokes-huione-pay-plcs-license-issues-warning-on-cryptocurrency-activities/","type":"other","url":""},{"credibility":3,"name":"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/","type":"other","url":""},{"credibility":3,"name":"https://www.coindesk.com/policy/2025/12/02/sanctioned-cambodian-bank-huione-halts-business-after-mass-run-on-accounts-report","type":"other","url":""},{"credibility":3,"name":"https://cambojanews.com/h-pay-emerges-from-sanctioned-huione-pay-panda-bank-links-noted/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.occrp.org/en/news/chairman-of-alleged-criminal-conglomerate-arrested-in-cambodia-and-extradited-to-china","type":"other","url":""},{"credibility":3,"name":"https://therecord.media/cambodia-extradites-alleged-cyber-scam-linchpin-to-china","type":"other","url":""},{"credibility":3,"name":"https://cryptonews.com/news/huione-money-laundering-boss-extradited-china/","type":"other","url":""},{"credibility":3,"name":"https://www.coinspeaker.com/huione-money-laundering-boss-extradited-china/amp/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://home.treasury.gov/news/press-releases/sb0278","type":"other","url":""},{"credibility":3,"name":"https://www.occrp.org/en/news/us-uk-launch-largest-ever-crackdown-on-southeast-asian-cybercrime-networks","type":"other","url":""},{"credibility":3,"name":"https://www.trmlabs.com/resources/blog/historic-u-s--u-k-operation-targets-southeast-asias-scam-compounds-with-record-15-billion-bitcoin-seizure","type":"other","url":""},{"credibility":3,"name":"https://www.coindesk.com/policy/2025/10/14/u-s-targets-cambodian-pig-butchering-takes-usd14b-in-bitcoin-as-biggest-ever-seizure","type":"other","url":""}]}],"sources_used":[{"credibility":1,"name":"FinCEN — Finds Cambodia-Based Huione Group to be of Primary Money Laundering Concern","type":"regulatory","url":"https://www.fincen.gov/news/news-releases/fincen-finds-cambodia-based-huione-group-be-primary-money-laundering-concern"},{"credibility":1,"name":"FinCEN — Issues Final Rule Severing Huione Group from U.S. Financial System","type":"regulatory","url":"https://www.fincen.gov/news/news-releases/fincen-issues-final-rule-severing-huione-group-us-financial-system"},{"credibility":1,"name":"Federal Register — Imposition of Special Measure Regarding Huione Group (Final Rule, October 2025)","type":"regulatory","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"},{"credibility":1,"name":"U.S. Department of the Treasury — U.S. and U.K. Take Largest Action Ever Targeting Cybercriminal Networks in Southeast Asia","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0278"},{"credibility":2,"name":"Elliptic — Huione Guarantee: The multi-billion dollar marketplace used by online scammers","type":"research","url":"https://www.elliptic.co/blog/cyber-scam-marketplace"},{"credibility":2,"name":"Elliptic — The U.S. Treasury Finds Huione Group to be of Primary Money Laundering Concern Following Elliptic Research","type":"research","url":"https://www.elliptic.co/blog/the-u.s.-treasury-finds-huione-group-to-be-of-primary-money-laundering-concern"},{"credibility":2,"name":"Elliptic — Huione: Largest illicit online marketplace launches stablecoin","type":"research","url":"https://www.elliptic.co/blog/huione-largest-ever-illicit-online-marketplace-stablecoin"},{"credibility":2,"name":"CoinDesk — Cambodian Huione Group Received $98B in Crypto Leading to U.S. Crackdown: Elliptic","type":"news_article","url":"https://www.coindesk.com/business/2025/05/02/cambodian-huione-group-received-usd98b-in-crypto-leading-to-u-s-crackdown-elliptic"},{"credibility":2,"name":"CoinDesk — Wallets Linked to Global Scams on Cambodia's Huione Guarantee Collect $11 Billion","type":"news_article","url":"https://www.coindesk.com/policy/2024/07/10/cambodias-huione-guarantee-enables-global-scams-worth-11-billion-report"},{"credibility":2,"name":"CoinDesk — Telegram Shuts Down Largest Illicit Online Marketplace After Elliptic's Insights","type":"news_article","url":"https://www.coindesk.com/business/2025/05/15/telegram-shuts-down-largest-illicit-online-marketplace-after-elliptics-insights"},{"credibility":2,"name":"CoinDesk — Sanctioned Cambodian Lender Huione Halts Business After Bank Run","type":"news_article","url":"https://www.coindesk.com/policy/2025/12/02/sanctioned-cambodian-bank-huione-halts-business-after-mass-run-on-accounts-report"},{"credibility":2,"name":"Protos — Cambodian PM's cousin owned 30% of scam-linked Huione Pay","type":"news_article","url":"https://protos.com/cambodian-pms-cousin-owned-30-of-scam-linked-huione-pay/"},{"credibility":2,"name":"DL News — A firm linked to Cambodia's ruling family is running an $11b crypto scam operation","type":"news_article","url":"https://www.dlnews.com/articles/regulation/cambodia-firm-linked-to-ruling-family-tied-to-crypto-scams/"},{"credibility":1,"name":"OCCRP — Cambodia Extradites Chair of Alleged 'Criminal' Conglomerate to China","type":"news_article","url":"https://www.occrp.org/en/news/chairman-of-alleged-criminal-conglomerate-arrested-in-cambodia-and-extradited-to-china"},{"credibility":2,"name":"Recorded Future / The Record — Cambodia extradites alleged cyber scam linchpin to China","type":"news_article","url":"https://therecord.media/cambodia-extradites-alleged-cyber-scam-linchpin-to-china"},{"credibility":2,"name":"Chainalysis — Huione Carry On: Platform Persistence Despite Shutdown","type":"research","url":"https://www.chainalysis.com/blog/huione-guarantee-still-active-despite-shutdown/"},{"credibility":2,"name":"TRM Labs — Treasury Moves Against Huione Group in Landmark Action","type":"research","url":"https://www.trmlabs.com/resources/blog/treasury-moves-against-huione-group-in-landmark-action-targeting-global-cybercrime-infrastructure"},{"credibility":2,"name":"Khmer Times — NBC revokes Huione Pay PLC's license","type":"news_article","url":"https://www.khmertimeskh.com/501800630/nbc-revokes-huione-pay-plcs-license-issues-warning-on-cryptocurrency-activities/"},{"credibility":2,"name":"CryptoSlate — Shadowy marketplace Huione launches USDH stablecoin to evade scrutiny","type":"news_article","url":"https://cryptoslate.com/shadowy-marketplace-huione-launches-usdh-stablecoin-to-evade-scrutiny/"},{"credibility":3,"name":"Wikipedia — Huione Group","type":"other","url":"https://en.wikipedia.org/wiki/Huione_Group"}],"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.","timeline":[{"date":"2021-08-01","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":"2024-07-01","event":"Tether Ltd freezes Huione Pay's USDT accounts following exposure of the group's illicit marketplace activities.","source":""},{"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":"2024-09-01","event":"Huione Group launches the USDH stablecoin, explicitly marketed as 'unfreezable' and outside traditional regulatory oversight, in response to the Tether freeze.","source":""},{"date":"2024-09-25","event":"Cambodia's National Bank (NBC) revokes Huione Pay PLC's payment services operating license, citing compliance violations.","source":""},{"date":"2025-05-01","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":"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":"2026-04-01","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":""}]},"v":1}