In short
- Cambodian officials benefit from a $ 19 billion crypto-driven scam industry with regard to labor, fraud connections and platforms such as Huione Guarantee, claims a report from Humanity Research Consultancy.
- Huione, located in Cambodia, reportedly processed $ 24 billion through Telegram and has launched his own Stablecoin to circumvent financial supervision.
- Telegram recently banned connected accounts with Huione, because UN reports warn that Cambodia has become a global hub for crypto-based fraud.
The prevailing elite of Cambodia is entangled in a worldwide -powered scam economy, according to a new report that connects high government officials with the money laundering of billion dollars and platforms that are built to avoid supervision.
High-ranking members of the Cambodian People’s Party have contributed to making and benefiting transnational fraud programs that depend on work and non-traceable CryptocurrencyAccording to a report of 16 May published by the Humanity Research Consultancy (HRC), an organization that campaigns against human trafficking.
One company in particular, Huione Group, is selected as a critical infrastructure in what the report calls a “vertically integrated” scam industry, now up to $ 19 billion a year, or 60% of Cambodia GDP.
“Cambodia is probably the absolute global epicenter of the next generation of transnational fraud in 2025,” wrote Jacob Sims, the author of the report and a visiting fellow in the Asia Center of Harvard University.
Sims accuses the state of support “systematically and treacherous” to criminal networks that operate behind scam connections, human trafficking and crypto rails.
Under the aforementioned Prime Minister’s cousin, who is on the Board of Directors of Huione Group, parent company of Huione Guarantee, a Telegram-based Escrow platform with which more than $ 4 billion since 2021 has flowed, according to the American treasury. HRC also mentioned Deputy Prime Minister and Minister of Interior Sar Sokha as co-investor in one of the largest scam connections in Cambodia.
Decrypt has contacted the minister’s office and will update the story if they respond.
A “focal point” for crypto -wambling
The findings of HRC correspond to a UNODC report that was released last month, which warned that the scam infrastructure of Southeast Asia spread to Africa, the middle -east and Latin -America.
The report mentioned Cambodia as a key junction in this global expansion, whereby syndicates move SCAM operations from Sihanoukville and Phnom Penh to rural provinces, including Koh Kong, Bavet and Pursat, where new connections have been quickly built up since 2022.
HRC quotes blockchain -analyzed company Elliptic’s January report, which showed that Huione had launched his stabileExpanding his ability to process illegal payments and at the same time bypassing traditional financial channels.
“The scale of these activities makes Cambodia a central point for crypto-based fraud worldwide,” said Deddy Lavid, CEO of Blockchain Analytics Platform Cyvers, said Decrypt.
Telegram has recently forbidden channels and accounts associated with Haowang Guarantee, an inverted Huione guarantee, which quotes violations linked to fraud and money laundering.
What are pig -shed scams?
Huione Guarantee had become central in the laundering of yields of romantic scams, crypto -investment fraud and “pig separation” activities aimed at victims worldwide.
Pig -offspring scam are where victims are emotionally cared for by fake romantic or business partners and ultimately convinced to invest large amounts under false pretenses.
“Unfortunately, the use of Crypto is as the final payment method in pig separation turn widespread because of the inherent characteristics of cryptocurrencies: pseudonymity, convenience of cross -border transfers and lack of centralized control,” Lavid said, “” Decrypt.
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