Top Korean Crypto Exchanges Caught Up In Cambodia’s Huione Money Web As Transfers Explode By 1400x
In a development that has shocked regulators and traders alike, it was discovered that crypto transfers between South Korea’s largest exchanges and Cambodia’s Huione Group exploded by an astonishing 1,400 times over the past year.
According to data released by the Financial Intelligence Unit (FIU), the total value of transfers jumped from just 9.22 million won in 2023 to 12.8 billion won (about 8.9 million US dollars) in 2024.
The platforms involved in these transfers include Upbit, Bithumb, Coinone, Korbit, and Gopax, the five top exchanges that dominate the South Korean crypto market. Most of the transfers were made in the stablecoin Tether (USDT), which is commonly used for cross-border transfers because of its dollar peg and massive liquidity.
Investigators discovered that the Cambodian recipient of these transfers is tied to Huione Group, a financial group recently sanctioned by the United States for alleged money laundering, human trafficking and links to scam operations across Southeast Asia.
South Korea’s Top Crypto Exchanges Couldn’t Stop Huione’s Money Transfers
For many crypto holders, South Korea’s tightly regulated exchange environment has long been a source of reassurance. The Korean government enforces strict compliance measures, and major exchanges are required to partner with domestic banks and verify all user identities. Yet the Huione transfers show that even these systems are not immune to being exploited.
Despite full licensing and oversight, the top exchanges became channels for transfers that regulators now describe as “suspicious and high-risk.” It’s likely the transfers were not large enough individually to draw attention, but as a whole they formed an amount 1,400 times higher than the previous year. It’s surprising therefore that this wasn’t picked up earlier given how much higher the amount was.
In response, several exchanges, including Bithumb and Coinone, have now suspended dealings with Huione while authorities investigate how the transfer connections were established and why compliance systems failed to flag them sooner.
This revelation has shaken confidence in what many saw as one of Asia’s most secure trading countries.
Taking Control With Your Own Crypto Wallet
Investigators can issue statistics, and exchanges can tighten rules, but those measures always happen after the fact. For individual crypto holders who want to be prepared, the simplest and most effective step is to reduce dependence on exchanges altogether.
Once you hand over custody of your crypto to an exchange, you are no longer in full control of where it goes or who it indirectly interacts with. Real security comes from holding your own keys and keeping assets in a private wallet that you control directly.
In a world where even highly regulated countries can get tangled in money webs, the clearest path to safety lies in personal custody. It’s a distinction that exists between depending on others and depending on yourself.
Control what you can, store it where you trust it, and let others chase compliance headlines while you keep your crypto in your own hands. But self-custody isn’t just about security, it’s also about convenience and usability. And that’s why the self-custodial platform where you keep your assets is just as important as what you invest in.
For many who cherish a well-rounded self-custodial experience – one that prioritizes security without sacrificing privacy and functionality – the best platform to consider is Best Wallet. Renowned for its security-first design and feature-rich ecosystem, Best Wallet presents itself as the ideal tool for users looking to navigate the market with full confidence.
Its self-custodial architecture means users remain in complete control of their private keys, and no one except them can access their funds. The benefits don’t stop there, however. Best Wallet is also a no-KYC wallet, which makes it a more preferred option than CEXes, which requires ID verification for basic trading.
Another reason for the growing market appeal of Best Wallet is its unbeatable security system, powered by Fireblocks, ensuring maximum protection for users’ assets. There is also a rich selection of trading features tailored to meet the needs of both beginners and experienced traders.
The most notable among them is the token launchpad, where investors can browse and buy new crypto gems that are still in their early stages. Other key features drawing attention include fiat payments, cross-chain swaps, an initiative mobile interface, gamified rewards, portfolio management, and much more.
Meanwhile, unlike most competitors, Best Wallet has been constantly evolving, rolling out new features and tools that expand its overall functionality. Just recently, it added Solana to its multichain lineup that already includes Bitcoin, Ethereum, Binance Smart Chain, Base, and Polygon. Essential features such as a new on-ramp provider, Wert, advanced gas control, and full support for Korean, French, and Italian languages have also been introduced.
Add that to its accessibility to all mobile users around the world, and it is easy to understand why leading voices in the industry, including ClayBro, are calling it the best crypto wallet in 2025.
Download Best Wallet
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