HomeCrypto NewsCambodia's ruling family connected firm implicated in $11 billion cryptocurrency scam –...

Cambodia’s ruling family connected firm implicated in $11 billion cryptocurrency scam – DL News

Investigation Reveals Cambodian Prime Minister’s Family Linked to Crypto Scams and Money Laundering Services

The Cambodian government is facing a major challenge as it grapples with the rise of crypto romance scams and fraudulent activities in the country. A recent investigation by DL News and blockchain analytics firm Elliptic has revealed disturbing connections between the prime minister’s family and a notorious online marketplace known as Huione Guarantee.

According to the report, Huione Guarantee has become a hub for crypto scam software and money laundering services in Southeast Asia. The platform has facilitated over $11 billion in transactions since 2021, with many of these payments linked to illicit activities.

One shocking revelation from the investigation is the involvement of Hun To, the nephew of the Cambodian prime minister, in one of Huione’s units. Corporate records show that Hun To is a director in a company linked to Huione Group, which has been implicated in crypto fraud.

The report also highlights the industrial-scale proportions of crypto-fueled fraud in Southeast Asia, with organized crime groups operating facilities in special economic zones to carry out online scams. Huione Guarantee acts as a clearing house for thousands of instant messaging app channels, where merchants openly offer money laundering services and software tools for fraudulent schemes.

The emergence of online bazaars like Huione Guarantee marks a new level of sophistication in crypto fraud, with criminals using the platform to launder money and facilitate illegal transactions. The report also mentions instances of ransom payments being collected through Huione for victims of forced labor in scam compounds.

Despite the damning evidence uncovered by Elliptic and DL News, Huione’s media representatives have remained silent on the matter. Hun To, the prime minister’s cousin, has also not responded to requests for comment.

As Cambodia grapples with the growing threat of crypto scams, the involvement of high-profile individuals like Hun To raises serious concerns about the government’s ability to crack down on fraudulent activities. The investigation sheds light on the dark underbelly of the crypto industry in Southeast Asia and underscores the urgent need for stronger regulatory measures to combat financial crimes.

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