In the latest investigation of the kidnapping and ransom case involving Chinese businessman Guo, the Philippine National Police (PNP) reported that the approximately $1.36 million ransom paid was suspected to have been laundered through a Cambodian payment platform "Huione Pay" using cryptocurrency, further revealing the traces of a transnational money laundering network behind the case.
PNP spokesperson Brigadier General Fahardo revealed at a press conference at Fort Bonifacio that the substantial ransom was mostly transferred via USDT (Tether) and eventually cashed out through the Huione platform. She noted, "The clues we have at the moment show that the flow of the ransom is highly related to the Huione platform based in Cambodia, which had previously been investigated by the U.S. government for suspected large-scale money laundering."
According to Reuters, the U.S. Treasury had accused Huione of being involved in at least $4 billion of illegal fund flows from August 2021 to January 2025, and has initiated an investigation.
Exposure of the Money Trail: From Philippine Casino Intermediaries to the USDT System and Outbound
Previously, the Philippine police had determined that part of the ransom was initially transferred into the electronic wallet accounts of local casino fund intermediaries "Jiuding Group" and "White Horse Club," and then exchanged and diverted multiple times into the international cryptocurrency ecosystem.
"Some of this ransom was converted back into Philippine pesos, while another part was exchanged for U.S. dollars, and then transferred as USDT," Fahardo stated. "Due to the complex conversion paths, the total amount of the ransom is still being calculated."
Crypto Assets Involved in the Case Frozen, Cross-border Law Enforcement Cooperation Progressing
The PNP's cybercrime unit has successfully frozen approximately $205,942 worth of cryptocurrency assets. The police stated that these assets were frozen through judicial assistance mechanisms, as most of the related transactions occurred outside the Philippine jurisdiction.
"The foreign nature of these transactions requires us to rely on international law enforcement cooperation," Fahardo added, "We are coordinating with relevant national intelligence and financial regulatory bodies to further trace the flow of funds."
Background Extension: Guo's Case Accelerates Exposure of Cross-border Criminal Financial Channels
The kidnapping and ransom case involving Guo has shocked the Chinese community. After the incident, the police discovered that the victim's family paid a ransom of up to $1.36 million through various electronic wallets and intermediary accounts, with some of the funds suspected to have been quickly transferred overseas and used for chip exchange or cash withdrawals.
The emergence of the Cambodian Huione platform has provided a key breakthrough in the money laundering investigation of this case, and has also reignited concerns about cryptocurrency platforms and gambling intermediaries forming a cross-border criminal financial network.
