The wallet in question is suspected to be connected to the Cambodian company Huione Group. Bitrace, a blockchain security firm, disclosed in a post on July 14 that the frozen wallet, activated on July 9, is associated with Huione Group’s Guarantee business. Bitrace’s analysis indicated that Huione attempted to circumvent the freeze by creating a new address, TQuFSv, and transferring $114,800 in USDC from the frozen TNVaKW wallet.
Despite Tether’s action, Bitrace reported that Huione’s other business addresses, including the old business address TL8TBp, remain operational, making it an attractive platform for scammers and money launderers. Additionally, the analysis firm alleged that Huione Guarantee had ties to Cambodia’s ruling family, including Prime Minister Hun Manet. In response to the report, law enforcement and blockchain analysts have initiated efforts to disrupt Huone’s operations by monitoring crypto transactions and identifying wallets associated with the platform.