A shocking report has linked that could prove that the Cambodian government has been using crypto-powered scam networks to fuel 60% of the country's economy.

The news report by anti-trafficking group Humanity Research Consultancy alleged that the Cambodian ruling elite has been generating a $19 billion revenue annually from a transactional fraud economy that is built on forced labour and untraceable digital currencies.

A crypto scam economy that fuels 60% of Cambodia's economy

In the centre of the fraudulent operations is Huione Group, which acts as the central infrastructure of what HRC calls a vertically integrated scam industry.

The group uses many platforms which it controls to move billions in illicit funds, and many of these platforms under Huione Group exploit trafficked workers and cryptocurrency rails designed to bypass financial oversight.

HRC accused the Cambodian state of systematically and incediously supporting Huione group.

Through platforms like Huione Guarantee—a, the Telegram-based escrow service—the group has laundered over $4 billion since 2021, including funds linked to North Korean cyber heists and pig butchering scams.

Huione Group is tied to Prime Minister Hun Manet’s cousin Hun To, who serves as the financial backbone of a scam industry.

The report echoes previous findings that warn about Southeast Asia's scam operations expanding globally. HRC purports that criminal networks are moving out of the cities and seeping even into the more rural provinces.

The study also highlighted the growing role of crypto in these scam operations. Citing blockchain analytics firm Elliptic, it notes that Huione has launched its own stablecoin to process illicit payments outside traditional banking systems.

These tools, the report claims, have driven the global spread of scams such as crypto investment fraud and "pig butchering."

UN Report: Criminal Syndicates Are Building Entire Crypto Ecosystems to Launder Billions

A recent report from the United Nations Office on Drugs and Crime (UNODC) reveals that transnational criminal networks tied to Southeast Asia—particularly those with alleged links to Cambodian government officials—are driving a sophisticated, large-scale crypto crime wave that is expanding globally.

Unlike past tactics that exploited existing crypto infrastructure, these crime syndicates are now developing end-to-end crypto ecosystems to facilitate illicit finance.

This includes launching their own decentralized exchanges, stablecoins, gambling platforms, and even proprietary blockchains—all purpose-built to obfuscate transactions and evade regulatory oversight.

One of the most alarming examples cited is Huione Guarantee, a Cambodia-based platform recently rebranded as Haowang.

Since 2020, the platform has processed more than $24 billion in crypto transactions and reportedly serves close to one million users. It now operates a full-stack financial ecosystem including its own blockchain (Xone Chain), a centralized exchange, a stablecoin, and even a branded Visa card launched in early 2025.

According to the UNODC, these operations are often powered by forced labor and housed in industrial-scale scam compounds across Cambodia, Laos, and Myanmar.

Utilizing advanced tools like AI-driven social engineering and blockchain anonymity, these fraud networks conduct phishing attacks, fake investment schemes, and “pig butchering” scams on a global scale.

With enforcement tightening in Asia, these illicit operations are now spilling into emerging markets in Africa and Latin America, where regulatory gaps remain.

Meanwhile, blockchain security firm Immunefi reports that the global crypto industry lost over $1.63 billion across 39 security incidents in just the first quarter of 2025—underscoring the sheer scale and evolving sophistication of the crypto-powered cybercrime economy.