Crypto Crime Syndicates Launder $24 Billion Via Huione Guarantee

Organized crime groups across Southeast Asia have significantly expanded their operations by leveraging cryptocurrency, creating their own coins, exchanges, and blockchain networks to launder billions of dollars, according to a new report from the United Nations Office on Drugs and Crime (UNODC).

These criminal syndicates are no longer merely utilizing existing crypto infrastructure. Instead, they are actively constructing tailored financial ecosystems to evade detection. One notable example highlighted in the report is the Chinese-language ecosystem and marketplace known as Huione Guarantee, which has since rebranded as Haowang. This platform has processed over $24 billion in crypto linked to fraud over the past four years.

Headquartered in Phnom Penh, Cambodia, the platform has grown to more than 970,000 users and thousands of interconnected vendors. The report states that Huione has recently launched a range of its own cryptocurrency-related products, including a cryptocurrency exchange and trading application, an online gambling platform, a blockchain network, and a US dollar-backed stablecoin designed to circumvent government controls.

Southeast Asia has emerged as a hub for crypto crime, with scam centers in Myanmar, Cambodia, and Laos industrializing cybercrime by combining blockchain, artificial intelligence, and stablecoins to fuel their operations. These centers run complex fraud schemes, including phishing, investment scams, and “pig butchering,” generating billions annually.

Over the past year, several raids have led to the arrests of hundreds of people, including nationals from various countries found at suspected cyber-enabled fraud operations. In October 2024, police busted an alleged scam center and arrested 27 people accused of using AI deepfakes to carry out a crypto romance investment scam that defrauded victims of more than $46 million. Similarly, in December 2024, Nigeria’s anti-corruption agency arrested 792 people in a raid on a building claimed to be a hub for a massive crypto romance scam operation.

The UN report highlights that syndicates are issuing their own stablecoins and creating private exchanges to bypass global financial regulations. This allows criminals to move funds seamlessly across borders without relying on mainstream platforms subject to Anti-Money Laundering controls. Huione Guarantee, for instance, has launched a suite of crypto-related products, including a cryptocurrency exchange, a blockchain network (Xone Chain), and an online gambling platform. The group also announced the launch of the Huione Visa card in February 2025.

While Southeast Asia remains the epicenter, the UNODC noted that these crypto-fueled operations are expanding into Africa, South America, and the Pacific. The report urges governments to close loopholes to mitigate the growing global impact of expanding Asian money laundering and underground banking networks.