U.S. Department of Justice seized Huiwang accounts suspected of laundering billions of dollars

The U.S. Department of Justice announced the seizure of an account that provided back-end infrastructure for a subsidiary of Huiwang Group in Cambodia. Prosecutors said the account helped run the Telegram market HuioneGuarantee, which matches stolen data, money laundering services and tools for fraud operators in Southeast Asia. In addition, FinCEN took action on the same day to extend the existing Huiwang ban to its successor entity, H-PayService PLC, to prevent the group from circumventing U.S. restrictions. According to court documents, the escrow service run by the account also assists criminals, including money launderers, in cryptocurrency transactions. The case is currently being investigated jointly by the FBI's San Francisco office and IRSCriminal Investigation.