Huione Laundered Millions Through South Korean Exchanges
The US lately sanctioned Cambodia-based Huione Group, calling it a transnational crime group. Authorities have now confirmed that the group laundered prison funds by way of South Korean cryptocurrency exchanges.
Data from South Korea’s Financial Supervisory Service (FSS) exhibits important capital actions.
Bithumb Processed Most of the Suspicious Transactions
Huione’s subsidiary, Huione Guarantee, carried out in depth transactions with Korean won-market exchanges over the previous three years. In complete, deposits and withdrawals in Tether (USDT) reached about 15.9 billion KRW ($12 million).
The workplace of ruling People Power Party lawmaker Lee Yang-soo disclosed the FSS knowledge on Monday. The data reveal that Huione Guarantee was deeply concerned in monetary exercise with Korean exchanges.
Further, officers suspect the funds are linked to kidnapping, human trafficking, and voice phishing operations at present underneath investigation in Cambodia.
Bithumb processed nearly all of transactions, dealing with about 14.6 billion KRW, whereas Upbit and Korbit accounted for 889 million KRW and 454 million KRW, respectively.
Meanwhile, the timing of those transfers has raised an alarm. They coincide with a spike in fraud, kidnapping, and human trafficking instances in Cambodia.
On October 18, the South Korean authorities repatriated 64 Korean nationals arrested in Cambodia for collaborating in on-line fraud schemes. Many had been reportedly held captive by Chinese crime syndicates.
Possible Links to Kidnapping and Sanctions
Recent high-profile instances involving Korean victims of kidnapping, confinement, and homicide have prompted a broader probe. South Korean authorities are investigating whether or not these incidents are tied to Huione Group’s operations.
Investigators famous that transactions between Bithumb and Huione surged in 2024, across the identical time experiences elevated of Koreans being lured to Cambodia underneath false job provides after which detained.
Who Is the Huione Group?
Huione Group presents itself as a professional Cambodian conglomerate. Yet, its subsidiary Huione Guarantee has been accused of facilitating on-line fraud and cash laundering underneath the guise of providing fee and surety providers.
The group first drew worldwide consideration in July 2024, when blockchain analytics agency Elliptic reported that Huione Guarantee was a key platform for cryptocurrency laundering.
Initially launched in 2021 as a peer-to-peer market for automobiles and actual property, the platform advanced into a significant trade hub for Chinese yuan and USDT amongst prison networks throughout Southeast Asia. Elliptic estimated that it processed about $11 billion in illicit funds.
Crackdown and US Sanctions
On October 14, 2025, the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) imposed sanctions on Huione Group. The motion successfully minimize the conglomerate off from the US monetary system.
The Treasury cited confirmed hyperlinks between Huione Group and North Korean cybercrime operations in addition to large-scale digital asset scams throughout Southeast Asia.
Authorities proceed to hint the community’s monetary ties as investigations broaden throughout a number of jurisdictions.
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