FinCEN targets Cambodia’s Huione Group for laundering over $4bn in crypto funds tied to DPRK cyber heists and regional scams, proposing a ban on its access to the US financial system

The network which has facilitated the laundering of billions of dollars, is connected to North Korean cybercrime operations and Southeast Asian transnational criminal organizations, which use it to process illicit funds from cyber-enabled frauds, including “pig butchering” scams. FinCEN’s proposed action aims to sever Huione Group’s access to the U.S. financial system by prohibiting American financial institutions from maintaining…