The US Treasury Department plans to cut off Cambodia's Huione Group from the financial system

The US Treasury's Financial Crimes Enforcement Network (FinCEN) has proposed cutting Cambodia-based Huione off the US financial system on the grounds that it supports criminal groups such as North Korean hackers. FinCEN said the Telegram-based operation was a "key node in laundering the proceeds of cyber heists" and facilitated "romance scams". "Huione has become the go-to market for North Korea and criminal groups," said Scott Bessent, Treasury secretary. Elliptic estimates that Huione handles such transactions for up to $24 billion.