Southeast Asia Becomes Crypto Crime Hotspot

One case highlighted is Huione Guarantee (now rebranded as Haowang), a Chinese-language platform operating out of Phnom Penh, Cambodia. Over the past four years, it has facilitated over $24 billion in crypto linked to fraud and scam operations, growing to over 970,000 users.

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The platform has launched its own crypto exchange, blockchain (Xone Chain), online gambling services, and even a US dollar-backed stablecoin aimed at bypassing government oversight. In February 2025, the group unveiled a Huione Visa card.

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The report warns that criminal groups in Myanmar, Laos, and Cambodia are industrializing cybercrime with AI, blockchain, and stablecoins, executing phishing, fake investments, and romance scams — collectively known as pig butchering — on a massive scale.

Recent crackdowns in Hong Kong, Nigeria, and other countries have led to hundreds of arrests. In October 2024, 27 people were arrested in Hong Kong for running a deepfake-powered crypto scam worth $46 million. In December, 792 suspects were caught in Lagos, Nigeria.

The UN warns these groups are leveraging their own stablecoins and private exchanges to circumvent AML laws and move funds freely across borders. The threat is growing beyond Asia — into Africa, South America, and the Pacific.

Governments are urged to close loopholes and prepare for this expanding form of financial crime.

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