BANGKOK — A Cambodian cryptocurrency company is under investigation by Thai authorities for its suspected involvement in a sprawling network of online scams and illegal gambling that has siphoned money from Thai citizens.
The Cyber Crime Investigation Bureau (CCIB) has flagged Huione Group, a digital currency exchange firm operating in a border zone of Cambodia, as a central hub in illicit fund transfers tied to cybercriminal operations.
Police Lieutenant General Trairong Phiewphan, chief of the CCIB, said Huione is being scrutinized for allegedly facilitating transactions between online gambling sites and sophisticated scam networks preying on Thai victims.
“Funds stolen from victims’ bank accounts were sent to mule accounts, converted into cryptocurrency, then laundered into cash or used to buy assets,” Trairong explained.
Although Huione Group is legally registered, its location near the Thai-Cambodian border raises major concerns for investigators.
“This area is a hotspot for scammers,” Trairong said, noting that multiple cybercrime cases have been traced back to the company.
While Thai media have speculated about possible connections between Huione and Cambodia’s powerful Hun family, the CCIB has not confirmed any political links.
Global Red Flags
Huione’s activity has also drawn international attention. In May, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) labeled the firm a “critical node” in Southeast Asia’s criminal ecosystem.
FinCEN specifically cited Huione’s role in “pig butchering” scams — complex crypto frauds that lure victims into fake relationships or investments before draining their life savings.
Crypto: The Modern Laundering Tool
The CCIB noted that cryptocurrency is now the preferred vehicle for cybercriminals to move and obscure illicit funds across borders at high speed. Scammers exploit digital wallets and exchanges to bypass traditional banking oversight.
As part of its crackdown, Thai cyber police are coordinating with international law enforcement agencies to trace the money trail and dismantle related networks.
Trairong urged the public to remain vigilant.
“People need to be very cautious. What you see online may be part of a much bigger trap,” he warned.
With online investment fraud, gambling rings, and crypto-based scams raking in billions of baht, Thai authorities say the fight against cybercrime is far from over.
