On Monday morning, the International Consortium of Investigative Journalists published an explosive investigation into the vast network of crypto exchanges and over-the-counter desks that facilitate the movement of millions in illicit funds.
At its centre: a Cambodia-based crypto exchange called Huione, which has links to the country’s ruling family, as DL News reported in 2024.
In May, the US Treasury Department designated Huione as a money-laundering operation for its role in cleaning digital assets generated from illicit activity.
North Korean hacker groups, as well as large scam centres in Southeast Asia, have used the exchange to move ill-got funds, the Treasury said.
“Huione Group has established itself as the marketplace of choice for malicious cyber actors like the Democratic People’s Republic of Korea and criminal syndicates, who have stolen billions of dollars from everyday Americans,” Secretary of the Treasury Scott Bessent declared.
And the Treasury Department, via the Financial Crimes Enforcement Network, or FinCen, moved to sever it from the US financial system.
According to the ICIJ investigation, however, it doesn’t appear that some of the largest crypto exchanges got the memo.
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