The U.S. Treasury, in collaboration with Chainalisys, took action against Huione, one of the largest enablers of crypto-money laundering operations for the Prince Group, a transnational criminal organization that targeted Americans with romantic fraud scams, also known as pig butchering operations.
Key Takeaways:
OFAC sanctioned 26 entities linked to Prince Group, next blocking Huione from U.S. financial markets.Chainalysis reported Huione Guarantee processed $70B in crypto, forcing tighter P2P market rules.After a 5-year run, the FBI seized Huione’s cloud systems to dismantle global crypto scam markets.The Trump Administration is intensifying its effort to fight groups that target Americans and those who facilitate the laundering of proceeds of these operations.
“The Trump Administration is united in its efforts to dismantle these overseas criminal enterprises, and Treasury will continue using its tools to disrupt the networks behind this egregious fraud and protect Americans,” said Secretary of the Treasury Scott Bessent.
Chainalysis stressed that, instead of targeting traditional banking channels, this time the seizure went deeper, with the Department of Justice gaining control of cloud computing accounts that hosted and supported Huione’s backend systems.
