Cambodia's PM's Cousin Admits 30% Stake in Huione Pay, Linked to $4B Crypto Laundering Scandal

Hun To, cousin of Cambodia’s Prime Minister Hun Manet and nephew of former Prime Minister Hun Sen, has admitted to previously owning a 30% stake in Huione Pay, a payment firm linked to the alleged $4 billion crypto laundering enterprise Huione Group.

A lawyer acting on behalf of Hun To released a statement confirming his ownership stake. Huione Pay serves as the banking arm of Huione Group, which was sanctioned in 2025 by the US and UK alongside another alleged South Asian crypto scam conglomerate, Prince Group.

Huione Pay’s Sanctions and Revoked License

Huione Pay’s banking license was revoked in 2025 due to noncompliance with regulatory standards. The firm was also accused of facilitating transactions with North Korea’s Lazarus hacking group, which allegedly stole over $150,000 from the company. Reuters reported in 2024 that Hun To was one of three directors at Huione Pay, though the firm stated his role did not include oversight of day-to-day operations.

Hun To’s Claims and Legal History

Hun To denied exercising any managerial authority or receiving profits, dividends, or assets from Huione Pay. He stated:

“I have never received any invitation for any meeting, general assembly of shareholders. I have never been appointed nor have authorised any proxy or nominee to act on my behalf as a shareholder in the company.”

Hun To has also faced legal challenges. In 2022, he launched defamation proceedings against The Australian over an article alleging his involvement in human trafficking, cyberbullying, and drug trafficking. The newspaper deleted the article and issued a retraction, acknowledging it “did not intend to make any such allegations against Hun and accepts his denials of such conduct.”

Cambodia’s Crackdown on Crypto Scam Centers

Cambodia’s current Prime Minister, Hun Manet, has overseen a three-year crackdown on crypto scam centers, resulting in the deportation of over 48,000 foreign workers, many of whom were trafficked against their will. Last month, the country deported 600 Thai nationals linked to crypto scam operations, while an additional 240,000 individuals allegedly involved in scams “voluntarily departed” the country.

Recent operations have led to further arrests, including 48 foreigners detained in Poipet town after fleeing authorities during crackdowns on online scam operations.