The US Treasury Department has proposed cutting out the Cambodia-based Fione Group from the US financial system. This cites the support of cybercrime that illegal markets give to North Korean hackers and other criminal groups.
Telegram-based operations are “a key node for cyber robbery washing methods,” and use fraudulent romantic ties, according to the Ministry of Finance’s Financial Crime Enforcement Network (Fincen), which proposed to cut off the financial system from the financial system.
According to Analytical Firm Elliptic, Huione, which offers personal data and money laundering services, is said to process as much as $24 billion in transactions like this. Cambodia’s marketplace launched its own Stablecoin earlier this year.
“The Huione Group has established itself as a market for the choice of malicious cyber actors, such as DPRK and crime syndicates, who stole billions of dollars from everyday Americans,” the Treasury Secretary of the statement said. Therefore, Finsen sought to harness the power of its nuclear options to cut off Huione from the financial system using section 311 of the US Patriot Act.
Like last year, Phnom Penh-based Huione Pay is said to receive a total of more than $150,000 in codes from wallets associated with North Korean hacker Lazarus.
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