A Cambodian crypto company is at the centre of a web of online scams and gambling rackets siphoning money from unsuspecting Thais, according to Thailand’s cyber police.
The Cyber Crime Investigation Bureau (CCIB) flagged the Huione Group, a digital currency exchange firm based in a Cambodia border zone, as a key player in suspicious fund transfers tied to criminal networks.
Police Lieutenant General Trairong Phiewphan, chief of the CCIB, said the group is under scrutiny for facilitating transactions between online gambling websites and elaborate scam operations targeting Thai citizens.
“Funds stolen from victims’ bank accounts were sent to mule accounts, converted into cryptocurrency, then laundered into cash or used to buy assets.”
While Huione is legally registered, the location of its operations, near the Thai-Cambodian border, raises red flags.
“This area is a hotspot for scammers,” said the police chief, adding that many cybercrime cases have been traced back to the company.
So far, the CCIB has not confirmed whether the firm has any ties to Cambodia’s powerful Hun family, a connection rumoured in Thai media.
The warning comes as cybercrime continues to plague Thai citizens, with online investment scams and gambling networks raking in billions. Many of these schemes rely on cryptocurrency to obscure the money trail and move funds quickly across borders.
The United States has also raised alarms. In May, the US Treasury’s Financial Crimes Enforcement Network (FinCEN) labelled Huione Group as “a critical node” in regional criminal operations. It cited the firm’s role in “pig butchering” scams, elaborate crypto frauds where victims are tricked into fake relationships or investments, then drained of their savings, reported Bangkok Post.
Trairong urged the public to think twice before clicking or sharing anything suspicious online, especially with Thai-Cambodian tensions simmering beneath the surface.
“People need to be very cautious. What you see online may be part of a much bigger trap.”
The CCIB is continuing its investigation and working with international partners to trace the digital money flow.
As cross-border scams evolve, Thai officials say the fight against cybercrime is far from over.
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