US Authorities Crack Down on $4B North Korea-Linked Cambodian Scam
Since August 2021, Huione Group, a Cambodian entity with ties to North Korea, has defrauded Americans out of more than $4 billion through romance scams and cyber theft, federal officials revealed on Thursday. This online marketplace has been used by North Korean hackers and criminal organizations to exploit US citizens through deceptive “pig butchering” schemes and fake investment opportunities promoted across social media and dating platforms.
The scam primarily targeted vulnerable groups, such as pensioners, with promises of love or wealth that ultimately led to the theft of their savings through cryptocurrency fraud. Huione’s subsidiaries—Huione Pay PLC, Huione Crypto, and Haowang Guarantee—played a central role in this operation, generating billions in fraudulent revenue between 2021 and January 2025. According to the US Treasury’s FinCEN, $37 million of the funds have been used to support North Korean cyber activities, while $336 million was directly linked to romance and investment scams.
Treasury Secretary Scott Bessent condemned Huione Group’s actions, calling it a hub for malicious cyber actors like North Korea and other criminal syndicates, who have swindled billions from American citizens. The Treasury Department now aims to sever Huione’s access to US financial systems under Section 311 of the PATRIOT Act, citing their failure to adhere to anti-money laundering and customer verification standards.
The impact on victims, like Beth Hyland, 53, underscores the human cost of these scams. In 2024, Hyland lost $26,000 to a Tinder scammer posing as a Nigerian construction manager, who promised marriage before disappearing with her Bitcoin. Such stories have prompted legislative action, with Senator Marsha Blackburn pushing for new laws that would require dating apps to alert users about known fraudsters.
The unchecked role of Huione in facilitating these North Korean scams has raised alarms about growing cyber threats. As authorities intensify their efforts to crack down on this operation, the primary goal remains protecting Americans from the devastating effects of romance scams and cryptocurrency fraud.
