Huione Group's Laundering Spree Blocked by US Treasury
U.S. Treasury Accuses Huione of Laundering $37 Million from Cyber Thefts Linked to North Korea
Here's the lowdown: The US Treasury's Financial Crimes Enforcement Network (FinCEN) is giving the boot to Huione Group, a Cambodia-based conglomerate, from the American banking system. Why, you ask? Because this shady outfit has allegedly been washing over $4 billion in filthy funds since 2021, including $37 million snatched from North Korean cyber heists.
FinCEN's proposed rule aims to nix US financial institutions from opening or maintaining accounts for Huione Group. The goal is to slam the door on its access to US banking channels.
US Treasury Secretary, Scott Bessent, declared that Huione Group has been the "top hangout for sneaky cyber scumbags" who have plundered billions from everyday Americans. This action intends to hinder these crafty criminals' ability to convert swiped dough.
The Huione Group's criminal empire includes Huione Pay PLC (an electronic payments service), Huione Crypto (a cryptocurrency exchange), and Haowang Guarantee, an illicit online market offering illicit goods and services.
The conglomerate might not have direct ties to US financial institutions, but it manipulates relationships with foreign partners to gain backdoor access to the American financial system.
Massive Money Laundering Operation
According to FinCEN, Huione laundered a whopping $4 billion worth of dirty dough between August 2021 and January 2025. This includes over $36 million from phony investment scams and at least $37 million linked to North Korea's cyber theft operations.
Haowang Guarantee, the one-stop shop for crooks, serves as a platform for cleaning cryptocurrency tainted by illegal activities and exchanging it for cold hard cash.
Huione Group developed its own stablecoin called USDH. The catch? This token can't be locked down by law enforcement, giving Huione increased wiggle room to launder funds without the threat of asset seizure.
FinCEN's proposed rule falls under Section 311 of the Patriot Act, which gives the Treasury Secretary the power to target specific money laundering and terrorist financing threats.
Cambodia's financial authorities have already taken action against Huione Group. The National Bank of Cambodia snatched Huione's banking license in March, declaring that digital asset trading isn't permitted in the country.
In January, Google zapped Huione Guarantee, a Telegram-based app, after blockchain analytics firm Elliptic unearthed its shady activities.
The proposed rule is up for public comment for 30 days before it can go into effect.
- The US Treasury's Financial Crimes Enforcement Network (FinCEN) aims to prohibit US financial institutions from opening or maintaining accounts for Huione Group due to alleged money laundering activities amounting to billions of dollars.
- The Huione Group is accused of laundering $4 billion in illicit funds, including $37 million from North Korean cyber heists, through its businesses such as Huione Pay PLC and Huione Crypto.
- FinCEN's proposed rule falls under Section 311 of the Patriot Act, empowering the Treasury Secretary to target specific money laundering and terrorist financing threats.
- The Huione Group has also been linked to a platform called Haowang Guarantee, a black market for illegal goods and services, and a stablecoin called USDH, which evades law enforcement asset seizure.
- In addition to alleged money laundering, Huione Group's businesses have been associated with phony investment scams, cyber theft operations, and criminal activities within the cryptocurrency industry.
- The proposed rule, once effective, could have significant implications for the general-news and crime-and-justice sectors, as it targets one of the most extensive money laundering operations uncovered in recent years.
