The U.S. Department of Justice says it has struck at the technical backbone supporting large-scale cryptocurrency money laundering operations.
The DOJ has announced the seizure of a cloud computing account used by subsidiaries of Cambodia-based Huione Group.
The agency says the account hosted backend infrastructure for services allegedly assisting in the transfer of proceeds from cryptocurrency investment frauds, cyber scams and other crimes.
The account was allegedly used to move funds across blockchain networks and into the legitimate banking system without detection.
“Huione Guarantee is alleged to have operated Telegram channels that contained discussions regarding illicit products and/or services, ranging from the sale of stolen credit card and identity information, the fruits of malware-enabled thefts, the procurement of individuals for human trafficking schemes, as well as assistance with laundering the proceeds of romance and investment scams.
Huione Guarantee also provided escrow services for criminals transacting on its platforms to facilitate transactions, including money launderers laundering cryptocurrency. In doing so, Huione Guarantee facilitated the movement of considerable funds stolen by Southeast Asian scam centers.”
The move is part of broader efforts to disrupt financial services that support cyberthieves.
The FBI says Americans reported over $20 billion in losses to cybercrime last year, a 26% single-year increase.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
