U.S. Government Begins to Sever Cambodia's Huione Group from Financial System

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CoinDesk 1d ago

U.S. Government Begins to Sever Cambodia's Huione Group from Financial System - CoinDesk

Quick Summary:

The Treasury Department's financial-crimes arm used its most potent safeguard to propose cutting off the organization as a money-laundering danger.

As recently as last year, Phnom Penh-based Huione Pay was said to receive crypto totaling more than $150,000 from a wallet associated with North Korean hackers Lazarus, the group accused of stealing billions of dollars in crypto over the past several years that's likely used to fund national projects.

So FinCEN sought to tap its nuclear-option power — using Section 311 of the USA PATRIOT Act — to sever Huione from the financial system.