U.S.-sanctioned Cambodian group appears to operate in Seoul

Hui One, a Cambodian financial group sanctioned by the U.S. for laundering roughly 5 trillion won in illicit funds, including proceeds from North Korean cyberattacks, appears to have set up operations in Seoul. The group, linked to online scams and human trafficking networks, is believed to be processing cryptocurrency transfers from South Korea through a local affiliate.

On Oct. 21, the Korea Customs Service and other authorities said a sign reading “Hui One Currency Exchange,” tied to the group, had hung until last year on a building in Daerim-dong, Seoul. The sign and logo matched those of Hui One’s headquarters, and the location’s Facebook page displayed photos of the company’s Cambodian office, describing it as a licensed financial business. Its Korean-language website is now inaccessible.

The Daerim-dong exchange operated from 2018 until July 2024, reporting roughly $20,000 in annual transactions. This period coincided with more than $150,000 in cryptocurrency transfers Hui One received from North Korea’s Lazarus hacking group. Authorities said the Daerim-dong branch’s cryptocurrency transfers were not included in official government tallies. A nearby restaurant owner said rumors circulated that the exchange was used for money laundering. If confirmed as Hui One’s Korean branch, the operation would mean a company accused of laundering North Korean hack proceeds was operating openly in central Seoul.

In Cambodia, a Hui One affiliate continues to handle cryptocurrency transactions involving South Korea. On Oct. 20, a Phnom Penh bank employee told reporters the bank can receive remittances in the cryptocurrency Tether, or USDT. The bank shares a building with a Hui One subsidiary. The U.S. Treasury Department sanctions Hui One Crypto, and its CEO, Hui Yanming, is listed as a director of related firms. In practice, the bank acts as a satellite channel for remittances between Hui One and South Korea.

Hui One runs the payment system Hui One Pay and the cryptocurrency exchange Hui One Crypto. The U.S. Treasury Department says the group laundered about $4 billion between 2021 and early 2025, including $37 million in cryptocurrency stolen by North Korea’s Lazarus group.

Authorities and experts say proceeds from voice phishing and other crimes in Cambodia may be funneled abroad through Hui One, prompting calls for stricter enforcement. Seoul Metropolitan Police Commissioner Park Jeong-bo said Oct. 20 that police are investigating Prince Group, a Cambodian conglomerate suspected of links to Hui One and the criminal networks, and will launch a full inquiry if warranted.


전남혁기자 forward@donga.com