Huione Group Sanctioned for Laundering Millions Through South Korean Crypto Exchanges

The United States has sanctioned Cambodia-based Huione Group, labeling it a transnational crime organization after uncovering extensive money laundering operations tied to human trafficking and online fraud. South Korea’s Financial Supervisory Service (FSS) has confirmed that the group funneled millions in illicit funds through major Korean cryptocurrency exchanges.

Data obtained by the office of People Power Party lawmaker Lee Yang-soo reveals that Huione’s subsidiary, Huione Guarantee, handled roughly 15.9 billion KRW ($12 million) in deposits and withdrawals in Tether (USDT) over the past three years. The majority of these transactions—about 14.6 billion KRW—were processed through Bithumb, while Upbit and Korbit accounted for 889 million KRW and 454 million KRW, respectively.

Authorities believe these transactions are linked to kidnapping, human trafficking, and large-scale voice phishing schemes in Cambodia. The timing of the fund movements coincides with a surge in reports of Koreans being lured to Cambodia under false employment offers and subsequently detained. On October 18, South Korea repatriated 64 nationals arrested in Cambodia for their roles in online scams controlled by Chinese crime syndicates.

Originally founded in 2021 as a marketplace for vehicles and real estate, Huione Guarantee evolved into a major hub for crypto laundering across Southeast Asia, with blockchain analytics firm Elliptic estimating it processed over $11 billion in illicit assets.

On October 14, 2025, the U.S. Treasury’s FinCEN imposed sanctions on Huione Group, effectively cutting it off from the American financial system. Investigations have linked the conglomerate to North Korean cybercrime operationsand regional fraud networks, prompting multi-jurisdictional probes as authorities worldwide continue to track the group’s financial web.