US Authorities Crack Down on North Korea-Linked Cambodian $4B Scam

Since August 2021, a Cambodian entity tied to North Korea, Huione Group, has swindled over $4 billion from Americans via romance scams and cyber theft, federal officials announced Thursday. This online marketplace has enabled North Korean hackers and criminal networks to prey on US citizens through “pig butchering” schemes and fake investment opportunities promoted on social media and dating platforms.

Targeting vulnerable groups like pensioners, these romance scams lure victims with promises of love or wealth, only to drain their savings into cryptocurrency fraud. Huione‘s subsidiaries—Huione Pay PLC, Huione Crypto, and Haowang Guarantee—have fueled this operation, amassing billions between 2021 and January 2025. The US Treasury’s FinCEN told The New York Post that $37 million of this funded North Korean cyber activities, while $336 million stemmed from romance and investment fraud.

Treasury Secretary Scott Bessent condemned the group, stating, “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.” The Treasury now seeks to cut Huione off from US financial systems under Section 311 of the PATRIOT Act, citing its failure to enforce anti-money laundering or customer verification standards.

Victims like Beth Hyland, 53, illustrate the human toll. In 2024, she lost $26,000 to a Tinder scammer posing as a construction manager from Nigeria, who wooed her with marriage promises before vanishing with her Bitcoin. Such stories have spurred action, with Senator Marsha Blackburn pushing legislation to force dating apps to warn users about known fraudsters.

Huiones unchecked facilitation of North Korean scams has drawn sharp scrutiny, with experts warning of rising cyber threats. As authorities crack down, the focus remains on protecting Americans from these devastating romance scams and cryptocurrency frauds.