The post U.S. Treasury seeks to block Huione Group over North Korea laundering ties appeared on BitcoinEthereumNews.com.

The U.S. Department of the Treasury has proposed a federal rule to sever the Cambodia-based Huione Group’s access to the U.S. financial system, citing the company’s alleged involvement in laundering billions of dollars linked to North Korean cybercrime and online fraud schemes. According to the Treasury’s Financial Crimes Enforcement Network (FinCEN), Huione and its affiliates have facilitated significant illicit transactions since August 2021. These transactions are connected to online romance and investment scams. The proposed action will make it more difficult for cybercriminals such as Lazarus Group to launder their illicit profits. Notably, a 30-day public comment period must be completed before the proposed rule becomes operative. Huione Group becomes a preferred marketplace for criminals to conduct money laundering operations U.S. Treasury Secretary Scott Bessent said in a statement on May 1 that malicious cybercriminals such as Lazarus Group had stolen billions of dollars from regular Americans and that Huione Group has become their preferred marketplace. These remarks followed investigations that the Huione Group had established a network of companies, including the cryptocurrency exchange Huione Crypto, the payment service platform Huione Pay PLC, and the online marketplace Haowang Guarantee, which sold illegal goods and services. Moreover, FinCEN revealed that from August 2021 to January 2025, Huione Group allegedly laundered at least $4 billion in illicit proceeds, including over $36 million from cryptocurrency pig slaughtering schemes. According to the Treasury, at least $37 million worth of the cryptocurrency that was laundered was connected to North Korea’s “cyber heists.” One notable case involved the laundering of $35 million from the $305 million hack of Japan’s DMM Bitcoin exchange through Huione Guarantee, a subsidiary of Huione Group. Victims of these scams have suffered significant financial losses. Beth Hyland, one of the pig butchering victims, said she had been the victim of a Tinder…

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Filed under: News - @ May 2, 2025 10:26 am