The U.S. Treasury sanctioned nine individuals and 26 entities linked to Prince Group, a transnational criminal organization operating pig butchering scams in Asia, on Tuesday. The Office of Foreign Assets Control (OFAC) took action against Huione Group, a Cambodia-based financial services conglomerate that enabled Prince Group operations, while the Financial Crimes Enforcement Network (FinCEN) amended an earlier rule to prohibit U.S. financial institutions from opening or maintaining correspondent accounts for Huione Group. The FBI seized cloud computing infrastructure used by Huione to facilitate scams targeting Americans. The sanctions address money laundering risks posed by Huione Group's facilitation of crypto-based fraud operations. The Trump Administration stated it is working to dismantle overseas criminal enterprises behind romantic fraud scams.
OFAC Sanctions 26 Entities Linked to Prince Group
OFAC designated nine individuals and 26 entities linked to Prince Group on Tuesday. FinCEN amended an earlier rule to include H-Pay Service and any successor entities, ordering a prohibition on covered financial institutions from opening or maintaining a correspondent account for, or on behalf of, Huione Group in order to guard against the money laundering risks to the U.S. financial system posed by Huione Group.
"The Trump Administration is united in its efforts to dismantle these overseas criminal enterprises, and Treasury will continue using its tools to disrupt the networks behind this egregious fraud and protect Americans," said Secretary of the Treasury Scott Bessent.
FBI Seizes Huione Cloud Computing Infrastructure
The FBI seized the infrastructure used by Huione to scam Americans. The Department of Justice gained control of cloud computing accounts that hosted and supported Huione's backend systems. Chainalysis, a blockchain auditing and security firm that collaborated in this operation, stated the seizure targeted cloud computing accounts rather than traditional banking channels.
Chainalysis Reports $70 Billion in Crypto Processed
Chainalysis estimated that Huione Guarantee, a peer-to-peer marketplace operated by Huione Group, processed over $70 billion in crypto over the last 5 years, offering illicit services to users and providing a money laundering front for the Prince Group.
"The Huione takedown shows what's possible when law enforcement and blockchain intelligence work together. Chainalysis is proud to have contributed to this investigation. Criminal networks adapt, and so do we," the firm stated.
FAQ
What did the U.S. Treasury do on Tuesday regarding Huione Group?
The U.S. Treasury sanctioned nine individuals and 26 entities linked to Prince Group on Tuesday. OFAC designated these parties, and FinCEN amended a rule to prohibit U.S. financial institutions from opening or maintaining correspondent accounts for Huione Group.
How much crypto did Huione Guarantee process according to Chainalysis?
Chainalysis estimated that Huione Guarantee processed over $70 billion in crypto over the last 5 years. The peer-to-peer marketplace operated by Huione Group offered illicit services and provided a money laundering front for Prince Group.
What infrastructure did the FBI seize from Huione?
The FBI seized cloud computing accounts that hosted and supported Huione's backend systems. The Department of Justice gained control of these cloud computing accounts used by Huione to facilitate scams targeting Americans.
