Stay Informed: Cryptocurrency Laundering Scandal Unveiled
Discover how the Cambodian currency exchange and payments company Huione Pay has been entangled in a money laundering scheme involving over $150,000 in stolen cryptocurrency by the notorious North Korean hacking group Lazarus.
The Involvement of Huione Pay in the Money Laundering Scheme
Explore the details surrounding the receipt of illicit funds by Huione Pay from the hacks conducted by Lazarus between June of last year and February of this year.
- Phnom Penh-based Company Implicated in the Receipt of Stolen Cryptocurrency
- Blockchain data reveals the transfer of illicit funds to Huione Pay between June 2023 and February 2024.
The Allegations Against Huione Pay
Gain insights into the response from Huione Pay, which claims it was unaware of receiving stolen funds indirectly from the cyber hacks conducted by Lazarus.
Read the latest news on how Huione received over $150k in stolen funds from the North Korean hacking outfit Lazarus. The funds were traced back to a significant theft of $160m from three crypto firms last year.
Regulatory Insights from National Bank of Cambodia
Understand the regulations set forth by the National Bank of Cambodia concerning the prohibition of dealings in cryptocurrencies and digital assets by payment firms in the country.
- Regulatory Ban Imposed in 2018
- Measures implemented to mitigate risks associated with volatility, cybercrime, money laundering, and terrorism financing.
The Role of TRM Labs in Investigating Money Laundering
Learn about the findings from U.S.-based blockchain analysis firm TRM Labs, which identified Huione Pay as one of the recipients of stolen cryptocurrency from the Atomic Wallet hack.
- OTC Brokers Involved in Laundering Scheme
- Information revealed by TRM Labs regarding the conversion of stolen cryptocurrency using the Tron blockchain and tether.
Unveiling Cyber Scams on Huione Guarantee
Delve into the revelations surrounding Huione Guarantee, an online marketplace within Southeast Asia associated with substantial money laundering and cyber scam activities.
- Marketplace Facilitating Transactions Exceeding $11 Billion
- Research by Elliptic exposing the involvement of Huione Guarantee in facilitating illicit cryptocurrency transactions.
Resilience of the Cryptocurrency Market
Discover the remarkable recovery rate exhibited by the cryptocurrency market in recovering stolen funds amidst the challenges faced in Q2 of 2024.
- Record Recovery Rate of 77%
- Insights from Hacken’s Web3 Security Report on the successful recovery of stolen crypto funds in the second quarter of 2024.
Hot Take: Stay Vigilant in the Cryptocurrency Landscape
Be cautious and stay informed about the evolving landscape of cryptocurrency to protect your investments and transactions from potential risks and fraudulent activities.
Sources:
By
By
By
By
By