The conglomerate and its subsidiaries, including Huione Pay and Huione Crypto, face intense scrutiny for facilitating fraud, cryptocurrency theft, and money laundering despite regulatory crackdowns.
The article details how Cambodian-based Huiwang Group and its affiliated companies operate a vast online criminal marketplace offering counterfeit currency, hacking services, and fraud-related products. The U.S. Treasury Department alleges that Huiwang laundered at least $4 billion from fraud and cryptocurrency theft, while regulators in Cambodia, Thailand, Japan, and other jurisdictions take action. Despite closures and license revocations, operations persist through rebranding and alternative platforms, with Huione Crypto even launching its own stablecoin, USDH, after Tether froze suspicious wallets.