As per Bitcoinist, South Korean virtual asset exchanges facilitated a 1,400-fold increase in fund transfers to Cambodia's Huione Group in 2024, according to data from the Financial Intelligence Unit (FIU). The total value of transactions rose from 9.22 million won in 2023 to 12.8 billion won (approximately $8.9 million) in 2024, primarily through Tether (USDT). Major exchanges including Upbit, Bithumb, Coinone, Korbit, and Gopax were involved. Authorities found the Cambodian recipient linked to Huione Group, a financial group recently sanctioned by the U.S. for money laundering, human trafficking, and fraud. Despite strict compliance measures, the incident exposed vulnerabilities in the system. Some exchanges have suspended transactions with Huione, and regulators are investigating how the transfers were not detected earlier. The report also highlights the growing preference for self-custody wallets like Best Wallet, which offers enhanced security and privacy without KYC requirements.
South Korean Exchanges Facilitated 1,400x Surge in Funds to Sanctioned Cambodian Group
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