Organized crime groups are creating their own blockchain tools to move illicit funds, according to the UNODC crypto report released in April 2025.
These groups are now issuing custom stablecoins, operating private crypto exchanges, and building blockchain networks.
Huione Crypto Inflows Spike to $4B in 2024. Source: UNODC
The report names Huione Guarantee, now rebranded as Haowang, as a key example. Based in Phnom Penh, Cambodia, the group has processed more than $24 billion in crypto tied to fraud since 2020. Huione runs a crypto trading app, an online gambling site, its own blockchain network, and a US dollar -backed stablecoin .
The United Nations Office on Drugs and Crime (UNODC) said this structure allows criminals to bypass traditional regulations.
“Huione has recently launched a range of its own cryptocurrency-related products… designed to circumvent government controls,”
the report stated.
Crypto Scams in Southeast Asia Reach Industrial Scale
The report marks Southeast Asia as a major center of crypto crime. Countries like Myanmar, Cambodia, and Laos host large scam centers that use AI, blockchain, and stablecoins for illegal operations.
These centers run phishing, investment fraud, and pig butchering scams, generating billions in revenue. These scams often use social engineering to steal funds through fake relationships and financial advice.
Law enforcement has increased raids. In October 2024, Hong Kong police arrested 27 suspects accused of using AI deepfakes in a crypto romance scam that defrauded victims of $46 million. In December 2024, Nigeria’s anti-corruption agency arrested 792 people linked to another crypto scam operation in its largest city.
The UNODC crypto report includes a map of major scam center locations across the Mekong subregion.
Mekong Cyberfraud Hotspots 2023–2025. Source: UNODC
Stablecoin Laundering Bypasses Traditional Checks
The report explains that stablecoin laundering through custom tokens and private crypto exchanges helps syndicates avoid AML checks enforced on public platforms.
Huione’s ecosystem includes the Xone Chain, its own blockchain network , and a crypto-linked Visa card launched in February 2025. These tools allow seamless fund transfers without oversight from banks or regulators.
By removing third-party involvement, these crime groups operate outside the reach of international law enforcement. Their systems remain functional even after public platforms block addresses or freeze assets.
While crypto scams in Southeast Asia remain the most active, similar patterns are now emerging in Africa, South America, and the Pacific. The UNODC crypto report calls this trend part of a growing web of underground banking systems with global reach.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.
