Cambodia’s Huione Pay Unwittingly Linked to North Korean Crypto Laundering

Cambodian payments firm Huione Pay received over $150,000 in cryptocurrency from a digital wallet used by North Korean hacking group Lazarus. The crypto was part of funds stolen from three companies through phishing attacks. The National Bank of Cambodia prohibits firms like Huione from dealing in cryptocurrencies.

Cambodia’s leading payments firm, Huione Pay, inadvertently received over $150,000 in cryptocurrency from a wallet linked to North Korean hacking collective Lazarus, blockchain data reveals. This incident highlights the region’s involvement in sophisticated money laundering operations.

Huione Pay, based in Phnom Penh, received the funds between June 2023 and February 2024 from a wallet identified by two blockchain analysts. This wallet was used by Lazarus to deposit funds stolen from three cryptocurrency companies through phishing attacks.

The FBI reported in August 2023 that Lazarus stole approximately $160 million from Atomic Wallet, CoinsPaid, and Alphapo, with the missing crypto alleged to support North Korea’s weapons programs. The National Bank of Cambodia prohibits such transactions, citing risks like money laundering and cybercrime.