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A report claims that Cambodian authorities are linked to the encryption fraud platform Huione Group.
Gate News bot message, according to the latest report published by the Humanitarian Research Consultancy (HRC), Cambodian authorities are linked to the Huione Group. The group processed over $4 billion through its Telegram deposit platform Huione Guarantee and issued stablecoins to evade financial regulation.
In the past three and a half years, the funds tracked through Huione Guarantee have exceeded $24 billion, greatly surpassing the largest darknet market in history, Hydra, which generated $5 billion in revenue over six years of criminal activity.
The U.S. Treasury has added Huione to the "Major Money Laundering Concerns" list and proposed to cut its connections with the U.S. financial system.
The report specifically points out that Huione Group is a key infrastructure of the "vertically integrated" scam industry, which currently has an annual output value of up to $19 billion, accounting for 60% of Cambodia's GDP.
Telegram recently banned channels and accounts related to Haowang Guarantee (renamed to Huione Guarantee) due to violations related to fraud and money laundering.
Source: Humanitarian Research Consultancy (HRC) report