Huione Laundered Millions Through South Korean Exchanges
South Korean regulators confirmed Huione Group laundered $12 million in criminal funds through local crypto exchanges, primarily Bithumb.Summary
The US recently sanctioned the Cambodia-based Huione Group as a transnational crime organization, and South Korean data confirms its subsidiary, Huione Guarantee, laundered approximately 15.9 billion KRW ($12 million) through South Korean cryptocurrency exchanges over three years.
Data from the Financial Supervisory Service (FSS) revealed that Bithumb processed the majority of these suspicious transactions (14.6 billion KRW), with Upbit and Korbit handling smaller amounts. Authorities suspect these funds are linked to ongoing investigations into kidnapping, human trafficking, and voice phishing operations in Cambodia, coinciding with a spike in fraud cases involving Korean nationals.
Huione Group, which began as a legitimate conglomerate in 2021, was previously flagged by Elliptic in July 2024 for laundering illicit funds. On October 14, 2025, the US Treasury's FinCEN imposed sanctions on Huione Group, citing confirmed links to North Korean cybercrime and large-scale virtual asset scams across Southeast Asia.
(Source：BeInCrypto)