Huione laundered millions of dollars through Korean exchanges

The United States recently sanctioned the Cambodia-based Huione Group for being a transnational criminal organization. Authorities have now confirmed that the group was laundering criminal funds through South Korean cryptocurrency exchanges.

Data from South Korea’s Financial Supervisory Service (FSS) shows significant capital movements.

Bithumb handled most of the suspicious transactions

A subsidiary of Fuione, Fuione Guaranteehas conducted extensive transactions with the Korean Won Market Exchange over the past three years. Total deposits and withdrawals for Tether (USDT) are approx. 15.9 trillion won ($12 million).

The office of Lee Yang-soo, a lawmaker from the ruling People’s Power Party, disclosed the Financial Supervisory Board data on Monday. Records revealed that Fuione Guaranty was deeply involved in financial activities with Korean exchanges.

Additionally, authorities suspect that the funds may be connected to ongoing kidnapping, human trafficking, and voice-phishing operations in Cambodia.

Bithumb processed the majority of transactions, amounting to approximately 14.6 billion won, while Upbit and Korbit accounted for 889 million won and 454 million won, respectively.

Meanwhile, the timing of these transfers has raised concerns. These coincide with a surge in fraud, kidnapping and human trafficking cases in Cambodia.

above October 18ththe Korean government repatriated 64 Koreans Arrested in Cambodia for participating in an online fraud scheme. Many are reportedly being held captive by Chinese criminal organizations.

Possible link between kidnapping and sanctions

Recent high-profile cases involving South Korean kidnapping, captivity and murder victims have prompted broader investigations. South Korean authorities are investigating whether these incidents are related to the Fuione Group’s business.

Investigators noted that transactions between Bithumb and Huione spiked in 2024, around the same time as reports of South Koreans being lured to Cambodia with fake job offers and subsequently detained increased.

What is Fuione Group?

Huione Group claims to be a legitimate Cambodian conglomerate. However, the subsidiary Fuione Guarantee is accused of facilitating online fraud and money laundering under the guise of providing payment and guarantee services.

The group first attracted international attention when July 2024for a blockchain analysis company oval Huione Discussion reported that it is a major platform for crypto laundering.

The platform was initially launched in 2021 as a peer-to-peer marketplace for cars and real estate, but has evolved into a major exchange hub for Chinese Yuan and USDT between criminal networks across Southeast Asia. The ellipse is estimated to have processed approx. $11 billion in illegal funds.

Repression and US sanctions

On October 14, 2025, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) imposed sanctions on Fuione Group. The move effectively cut off the conglomerate from the U.S. financial system.

The Ministry of Finance and the Fuione Group North Korean cybercrime operations The same goes for large-scale crypto asset fraud across Southeast Asia.

Authorities continue to trace the network’s financial relationships as the investigation expands to multiple jurisdictions.

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