Regulatory Scrutiny - US government targeted two Mexican banks for potentially aiding money laundering by drug cartels [1] Business Operations - Targeted Mexican banks have sold significant parts of their operations [1]

Regulatory Action - Singapore is preparing to sell luxury items confiscated from convicted money launderers [1] Financial Crime - The case is the country's biggest money laundering case [1]

Australian regulators charged four men, including a former barrister, with money laundering for allegedly moving scam proceeds to crypto exchanges.Read more: https://t.co/rC6PpuA1qk ...

According to Inner City Press, the jury in the case against Tornado Cash developer Roman Storm returned a verdict: guilty on conspiracy to operate an unlicensed money transmitting business; no unanimous verdict on conspiracy to commit money laundering and conspiracy to violate North Korea sanctions. https://t.co/3KpcPpmoOD ...

Fake currency? Money laundering? Hacking tech? All this and more is for sale on "the Amazon for criminals" https://t.co/8pPHxVmeTO ...

Overview of Huione Group's Operations - Huione Group is identified as a key gateway to global crime, facilitating scam compounds where trafficked people are forced to scam others [1][2] - The US Treasury Department classifies Huione as engaged in money laundering, describing it as the "Amazon for criminals" [3] - Huione operates through various arms, including Huione Pay (payment services) and Huione Guarantee (online marketplace for illicit items) [5][9] Illicit Activities and Modus Operandi - Huione Pay is alleged to be involved in money laundering through a cell called Huione International Pay, facilitating scams like fake romance schemes [7][8] - Huione Guarantee hosts an online marketplace on Telegram where buyers and sellers can purchase illegal items needed for online scams, including stolen data and money laundering services [9] - The platform facilitates efficient scam operations, offering everything needed to target and extract money from victims worldwide [10] Scale and Impact - Huione Guarantee's transaction volume ($28 billion) dwarfs that of previous darknet markets like Silk Road and AlphaBay (totaling $11 billion) [11] - Elliptic's research indicates that Huione Group entities received over $91 billion in crypto assets in the last five years [28] - The cybercrime industry in Southeast Asia, often underwritten by Chinese mafia members, is a multibillion-dollar industry, with Cambodia being a major driver [21] Regulatory and Investigative Actions - The US Treasury Department has blacklisted Huione from US markets for engaging in money laundering [30] - Telegram has taken action to shut down most of the channels used by Huione Guarantee [29] - Huione Crypto appears to have rebranded itself as Kex, but transaction volumes remain high [32] Connections and Complications - Huione has directors who also work for other powerful conglomerates and banks in Cambodia, including Hun To, a cousin of Cambodia's Prime Minister [27] - Huione has developed its own stablecoin (USDH) to evade attempts to freeze wallets [31] - Proving Huione facilitates illegal activity is challenging due to its lack of transparency and complex financial structure [12][13]

Regulatory Landscape - Hong Kong is preparing to integrate stablecoins into its financial system with new regulations [1] - Licensed issuers must conduct full KYC (Know Your Customer) on holders to combat money laundering, starting August 1 [1] Market Concerns - HKMA (Hong Kong Monetary Authority) chief Eddie Yue cautioned about market bubbles driven by hype [1] Industry Focus - The report raises the question of whether this is the future of compliant stablecoins [1]

The founders of a cryptocurrency mixing service admitted helping launder more than $100 million in proceeds from illegal darkweb marketplaces and fraud schemes, as the developer of a similar platform awaits a jury verdict in the same court. https://t.co/HGOmOZA48N ...

HSBC’s Swiss private bank is being investigated by local and French law enforcement agencies over its involvement in alleged money laundering, the bank said in a statement https://t.co/8cBn5hGLFR ...

Regulatory & Legal Landscape - US Treasury sanctioned Tornado Cash for allegedly facilitating over $1 billion in illicit funds laundering [1] - Roman Storm, a co-developer, was arrested and faces potential decades-long sentence for conspiracy to commit money laundering, sanctions violations, and operating an unlicensed money transmitter [1] - The core legal question is whether publishing privacy-preserving smart contracts constitutes a crime if illicit actors utilize them [1] - The case has significant implications for open-source developers globally, privacy rights, AML enforcement, and future mixer development [1] Technical & Investigative Aspects - Government's opening witness tied her scam losses to Tornado Cash using tracing via "Payback" [1] - IRS Special Agent Stephan George testified, tasked with tracing funds to Tornado Cash, but lacked knowledge of crypto[.]com and the difference between ERC-20 and ETH [1] Defense Arguments - Defense argues Tornado Cash is autonomous software, not a service controlled by Storm, with no direct customer service or control post-deployment [1] - Prosecution of developers for open-source code threatens fundamental principles [1]