HRC Report: Cambodian Officials Involved in $19 Billion Encryption Scam

GateUser-6433627c · 2025-05-27T06:10:10+00:00

Cambodian officials are involved in a $19 billion encryption scam, with profits coming from labor trafficking, scam parks, and Huione company. Huione bypassed regulations by issuing stablecoins and has been designated as a Money Laundering target by the US. A UN report states that Cambodia has become a global center for crypto fraud, and Telegram has banned accounts related to Huione.

GateUser-6433627c

2025-05-27 06:10:10

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[HRC Report: Cambodian Officials Involved in $19 Billion Crypto Scam] The Humanity Research Consultancy (HRC) report indicates that Cambodian officials have profited from a $19 billion crypto scam industry, involving labor trafficking, scam parks, and Huione company. Huione issues stablecoins to bypass financial regulations and handles funds through Telegram-based Huione Guarantee. The U.S. Treasury has designated Huione as a “primary money laundering target” and proposed to exclude it from the U.S. financial system. A United Nations report warns that Cambodia has become a global center for crypto fraud, and Telegram recently banned accounts associated with Huione.

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