Since August 2021, a Cambodia-based gang, Huione Group, has defrauded Americans of billions via romance scams and cyber heists. The scheme has primarily targeted retirees through social media, promoting fake investments in cryptocurrencies. Between 2021 and 2025, the gang has accrued at least $4 billion from this illegal activity. The U.S. Treasury Department revealed significant financial ties to North Korean cyber operations, prompting actions to cut off Huione's access to the U.S. financial system to counter its fundraising capacity for illicit activities.
Huione Group has established itself as the marketplace of choice for malicious cyber actors like DPRK, who have stolen billions from everyday Americans.
Today's proposed action will sever Huione Group's access to correspondent banking, degrading these groups' ability to launder their ill-gotten gains.
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