Looks like Huione Group just became the marketplace of choice for cybercriminals and, surprise, surprise, North Korea. The US Treasury Department has decided that enough is enough and is now trying to block Huione from the American banking system. Their crime? Helping North Korea’s Lazarus Group launder billions of dollars in cryptocurrency.
FinCEN Drops the Ban Hammer
On May 1, the Treasury's Financial Crimes Enforcement Network (FinCEN) proposed a rule that would make it illegal for US financial institutions to open or maintain accounts for Huione Group. After all, why should they keep helping cybercriminals get rich off of stolen billions?
A "Marketplace of Choice" for Cyber Villains
Scott Bessent, the US Treasury Secretary, had a rather colorful way of putting it, saying Huione has turned into the “marketplace of choice for malicious cyber actors” who’ve "stolen billions of dollars from everyday Americans." Sounds like a great business model, right? Not so much when it’s all built on dirty money.
A Web of Shady Businesses
Huione Group has been a busy little bee, setting up a network of companies that includes:
- Huione Pay PLC (payment platform)
- Huione Crypto (crypto exchange)
- Haowang Guarantee (illicit online marketplace)
Talk about one-stop shopping for criminals.
$4 Billion Laundered Like Laundry Day
FinCEN claims Huione Group laundered at least $4 billion in illicit funds between August 2021 and January 2025. They even managed to sneak out $36 million from crypto pig-butchering scams. And guess what? $37 million of that is tied to North Korea’s infamous cyber heists. A neat trick, considering that Kim Jong Un’s crew doesn't exactly have a PayPal account.
Enter the Untouchable Stablecoin
To make things even smoother for the bad guys, Huione created its own US dollar-pegged stablecoin, USDH, which conveniently can’t be frozen. Nothing says "clean money" like a stablecoin designed for chaos.
At least someone’s doing something. The National Bank of Cambodia revoked Huione’s local banking license in March and reminded everyone that payment firms aren’t allowed to trade digital assets in the country. Better late than never?
Abimbola Adu
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