The report also highlighted Huione Guarantee (Haowang) in Phnom Penh as one of the largest dark web platforms globally, acting as a hub for technology, infrastructure, and resources for cybercriminals.
With over 970,000 users and thousands of sellers, Huione has processed cryptocurrency transactions worth billions of dollars since 2021. It is estimated that digital wallets linked to the platform have seen inflows of at least US$24 billion in the past four years.
Huione is not just a dark web marketplace but has developed its own products to evade government regulation, including a cryptocurrency exchange platform, an online gambling platform, its own blockchain network called “Xone Chain,” and a stablecoin pegged to the US dollar.
Although the National Bank of Cambodia revoked Huione’s licence in March 2025, the company continues to evade regulations and operate shadow banking services. It announced its plans to relocate its international payment business and acquire a 30% stake in Tudao Guarantee, another dark web marketplace.
Despite attempts at enforcement by the Cambodian government, the UN report indicates that operations remain inconsistent and that these criminal networks have not been fully dismantled.
However, the Cambodian Government has continued to state its commitment to tackling the issue, and in February 2025 announced the formation of a new task force for combatting online scams, including high-level officials from across government and headed by the prime minister.
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