The Dark Market of Cybercrime: Unveiling the Billion-Dollar Fraud Industry Chain

In the corners of the world's largest illegal goods trading market, various services of dark industry chains can be found. From counterfeit currency and money laundering to hacking techniques, as long as you know the jargon, everything is available here. This vast gray market is mainly concentrated under a Cambodian company called Huibang Group.

Huiwang Group appears to be a legitimate company providing insurance, currency exchange, and financial services, with its payment department "Huiwang Payment" claiming to be the "Alipay of Cambodia." However, the U.S. Treasury Department has pointed out that Huiwang is actually laundering at least $4 billion obtained from fraud and cryptocurrency theft.

Through interviews with government officials, company insiders, and victims, as well as an analysis of internal documents, this article reveals in detail how Huiwang has propelled the development of the Asian online fraud industry into a billion-dollar behemoth.

Former hacker and cyber threat investigator Ngo Minh Hieu stated: "Huibang is like the Amazon for criminals, its business organization and product range are shocking." This assessment aligns with the views of some regulatory agencies.

The corporate structure of Huiwang is extremely complex, essentially a shell of a network of affiliated companies. The U.S. Treasury named three core entities: Huiwang Payment, the cryptocurrency exchange Huione Crypto, and the online trading platform operator "Haowang Guarantee." In May of this year, the U.S. Treasury announced plans to completely exclude Huiwang from the U.S. financial system.

Other countries are also strengthening their crackdown. Thailand is investigating Huibang for allegedly handling proceeds from illegal gambling and fraud. Telegram has shut down dozens of chat groups related to Huibang. Tether has frozen nearly $30 million USDT related to Haowang.

Although some entities have announced their closure on the surface, network activity shows that they seem to continue operating in some form, circumventing regulations by changing names or directing customers to affiliated companies. For example, after Haowang Guarantee announced its closure, its trading volume actually increased.

The continued existence of Huiwang highlights the difficulty of cracking down on decentralized markets. Internal documents show that its "money mules" have targeted victims in at least 12 countries. Some departments also have branches in Poland, Canada, and Japan.

Within Huiwang, a mysterious department called "Huiwang International Payment" serves as the main hub for assisting fraudulent activities. Employees directly connect scammers with money mules and charge fees. Internal documents record detailed information about thousands of victims.

Cybercrime has rapidly developed in Southeast Asian countries in recent years, with many scam parks operated by criminal groups led by Chinese individuals. In 2024, the "pig butchering" scam revenue surged nearly 40% compared to the previous year. The Telegram group managed by Huiwang provides a trading platform for this industry chain.

Blockchain research firms estimate that at least $24 billion has flowed through the crypto wallets used by Huobi Guarantee and its merchants, far exceeding the previous largest "Silk Road Market."

Internal documents of Huiwang International Payment show that it is deeply involved in operations, even providing large credit limits to well-performing money laundering teams. The documents detail victim information, transaction details, and rules for handling disputes.

Some cases can be matched with investigations by U.S. law enforcement agencies, such as Li Daren's admission of laundering over $73 million through cryptocurrency investment scams.

Huiwang's operations in Cambodia are jointly led by Chinese management personnel and local power figures. Although the Central Bank of Cambodia revoked Huiwang Payment's license, the company quickly announced plans to move its operations to Japan and Canada.

Even in the face of regulatory pressure, Huibang still has multiple protections. It has launched its own stablecoin USDH, claiming to be "not subject to traditional regulatory constraints."

Experts point out that cybercrime has deeply embedded itself within the operation of global capitalism, plundering resources from around the world and proving difficult to dismantle easily. Combating this vast gray industrial chain still faces numerous challenges.