The US has accused Cambodia’s Huione Crew of crypto cheating and money laundering and preparations are being made to stop the company’s US banking access. The US US Treasury Area has taken a strict step to separate Cambodia -based company Huione Crew from the US banking system. The Financial Crime Enforcement Network (FINCEN) of US Treasury Area has made a proposal in this regard on 1 May. US Treasury Secretary Scott Besant said Huione Crew illegally rigged money through cryptocurrency. It has also been feared that cyber criminals from countries like North Korea are involved in this money laundering scam.
This is the whole matter
Huione Crew is a large international company in Cambodia, which works in sectors such as digital payment, Crypto Exchange and online marketplace and has many branches spread. US officials claim that Huione Crew has helped North Korea’s dangerous cyber team Lazarus Crew to carry out crypto cheating. This is the same group that has carried out many incidents of crypto theft worth millions of dollars worldwide. Significantly, in India too RBI to reduce virtual frauds AI Instrument Has launched
Money laundering of $ 4 billion
According to the US Fincen (Monetary Crimes Enforcement Community), Huione Crew has whiteed the illegal amount of $ 4 billion (about ₹ 33,000 crore) between August 2021 and January 2025. In this, $ 37 million alone has been earned through just a special online fraud “Crypto Pig Bachoring Scam”. On the other hand, the National Bank of Cambodia has said that payment firms are not allowed to deal with digital assets or trade in the country and the company’s local banking license was canceled in March.
Black history of lazarus crew
Lazarus Crew is quite infamous in the cybercrime world. It is a notorious cybercrime organization, which is considered to be operated by North Korea. It has the support of the North Korean government. Many international security agencies believe that Lazarus Crew is getting support from North Korean intelligence agency Reconnaissance Common Bureau (RGB).
Learn what is money laundering?
In fact, it is money laundering to show the earnings made in illegal methods legal or ‘clean’ like money. For example, someone stole cryptocurrency by cybercrime and repeatedly rotated it through the online system and showed that this money has been earned legitimately.
Conclusion
America’s strictness on Huione Crew is not just an action on one company, but an attack on an international cyber crime network. The manner in which the US Finance Department has tightened the Huione Group for money laundering and crypto cheating, shows that now serious steps are being taken globally regarding cyber crime and digital fraud. On the other hand, the participation of illegal organizations like Lazarus Crew in North Korea makes the matter even more dangerous.
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