A North Korea-linked Cambodian organisation has fraudulently obtained billions of dollars from US citizens through romance scams and cyber theft since August 2021, according to federal authorities' Thursday announcement of enforcement measures.
Huione Group , an online marketplace, has facilitated North Korean and other criminal organisations in defrauding people through social media messages and texts, promoting fraudulent investments and "pig butchering" schemes.
These deceptions, occurring on dating and professional networking platforms, have targeted US pensioners and others, encouraging them to invest in cryptocurrency and other digital assets before ultimately defrauding them.
From August 2021 to January 2025, Huione accumulated over $4 billion from romance and investment fraud, with its subsidiaries Huione Pay PLC, Huione Crypto, and Haowang Guarantee supporting various aspects of the operation.
The US Treasury's FinCEN revealed exclusively to The New York Post that $37 million supported North Korean cyber operations, while $336 million came from romance and investment schemes.
The Treasury is proposing regulations to block the Cambodian company's access to US financial systems.
"Huione Group has established itself as the marketplace of choice for malicious cyber actors like the DPRK [North Korea] and criminal syndicates, who have stolen billions of dollars from everyday Americans," said treasury secretary Scott Bessent in a statement.
Beth Hyland, 53, shared her experience of falling victim to a Tinder fraudster in 2024, losing $26,000 through Bitcoin transactions. The scammer, operating from Nigeria, posed as a construction manager and manipulated her through false promises of marriage and shared life.
Senator Marsha Blackburn and colleagues recently introduced legislation requiring dating platforms to alert users who have engaged with known scammers.
The action against Huione was taken under Section 311 of the PATRIOT Act, as the group failed to maintain proper customer verification and anti-money laundering protocols, including overlooking direct transfers from North Korean scam operations.
Huione Group , an online marketplace, has facilitated North Korean and other criminal organisations in defrauding people through social media messages and texts, promoting fraudulent investments and "pig butchering" schemes.
These deceptions, occurring on dating and professional networking platforms, have targeted US pensioners and others, encouraging them to invest in cryptocurrency and other digital assets before ultimately defrauding them.
From August 2021 to January 2025, Huione accumulated over $4 billion from romance and investment fraud, with its subsidiaries Huione Pay PLC, Huione Crypto, and Haowang Guarantee supporting various aspects of the operation.
The US Treasury's FinCEN revealed exclusively to The New York Post that $37 million supported North Korean cyber operations, while $336 million came from romance and investment schemes.
The Treasury is proposing regulations to block the Cambodian company's access to US financial systems.
"Huione Group has established itself as the marketplace of choice for malicious cyber actors like the DPRK [North Korea] and criminal syndicates, who have stolen billions of dollars from everyday Americans," said treasury secretary Scott Bessent in a statement.
Beth Hyland, 53, shared her experience of falling victim to a Tinder fraudster in 2024, losing $26,000 through Bitcoin transactions. The scammer, operating from Nigeria, posed as a construction manager and manipulated her through false promises of marriage and shared life.
Senator Marsha Blackburn and colleagues recently introduced legislation requiring dating platforms to alert users who have engaged with known scammers.
The action against Huione was taken under Section 311 of the PATRIOT Act, as the group failed to maintain proper customer verification and anti-money laundering protocols, including overlooking direct transfers from North Korean scam operations.
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