FinCEN's investigation claims that Huione Group processed over $4 billion in suspicious transactions between August 2021 and January 2025.
Of this amount, at least $37 million reportedly comes from hacking attacks linked to North Korea, $36 million from cryptocurrency investment scams, and nearly $300 million from other online frauds.
U.S. authorities believe that the group operates a network of companies that serve different functions in their money laundering operations.
Among them are Huione Pay, a fiduciary payment processor; Huione Crypto, a virtual asset service; and Haowang Guarantee, a marketplace that trades in illegal goods and services. The network has even issued its own stablecoin to support transactions on these platforms.
Despite public evidence of widespread abuse, Huione entities lacked visible anti-money laundering (AML) and know your customer (KYC) policies. FinCEN noted that Huione did not detect suspicious transactions, including one case in which it unknowingly received funds linked to a North Korean cyberattack.
