Cambodia’s $19 Billion Financial Scam Empire Fueled by Crypto, Says Watchdog Group
Cambodia's ruling elite is implicated in a global scam economy involving cryptocurrency, according to a report by Humanity Research Consultancy (HRC). Senior officials from the Cambodian People’s Party are linked to billion-dollar money laundering networks and fraud schemes that exploit trafficked labor and utilize untraceable crypto. The Huione Group is identified as a key player in a scam industry valued at up to $19 billion annually, representing 60% of Cambodia's GDP. The report predicts Cambodia will become a central hub for transnational fraud by 2025. Notable figures include Hun To, cousin of Prime Minister Hun Manet, and Deputy Prime Minister Sar Sokha, both connected to major scam operations. The report aligns with a UNODC warning about the spread of Southeast Asia's scam infrastructure globally. Huione has launched its own stablecoin to facilitate illicit transactions. Telegram has banned accounts linked to Huione Guarantee for fraud-related violations. Crypto's pseudonymity and ease of transfer make it a preferred method for scams like "pig butchering," where victims are manipulated into investing under false pretenses.
