The case of Chinese businessman Guo being kidnapped and murdered in the Philippines continues to ferment. As the investigation by the Philippine National Police (PNP) deepens, the flow of the approximately $1.36 million ransom has come to light—it is suspected that the funds were converted into cryptocurrency through "Huione Pay," a payment platform based in Cambodia, revealing a transnational money laundering network spanning the Philippines and Cambodia.
Meanwhile, the PNP also confirmed that a large amount of cash related to the ransom had attempted to leave the country on a private plane, the flight number of which has been obtained by the military. The registration information and actual owner of the plane are still under verification. The Philippine Armed Forces have joined the investigation and warned to "be vigilant against foreign forces using the Philippines as an illegal financial transit hub."
💰Casino intermediary platforms targeted: "White Horse Club" and "Jiuding" hit hard
One of the key nodes for the rapid transfer of ransom into cryptocurrency platforms was two once-thriving casino VIP room operators in the Philippines—"White Horse Club" and "Jiuding Group." Both operate multiple electronic wallet systems and have been found to serve as payroll platforms for "POGO" company employees.
According to police investigations, the kidnappers used these casino intermediaries to exchange cash for virtual currency and then quickly transfer it abroad. Currently, these platforms have announced a suspension of operations in the Philippines, but investigations show that they still have related business operations in Cambodia, Laos, and other places.
Social forums are also filled with numerous "outrageous experiences" related to the White Horse Club—employees were asked to go to the casino to collect their salaries but were robbed along the way; others revealed that the platform's salaries could be directly used for online gambling, causing many employees to "lose their salaries in an instant."
More concerning is that as early as November 2024, the Philippine Anti-Money Laundering Council had conducted surprise inspections of suspicious financial platforms including White Horse Club and Jiuding, requiring all large accounts to submit proof of funds by the end of the month. Now, the ransom in Guo's case was exchanged without strict scrutiny, exposing serious flaws in the regulatory mechanism.
🕸️Huione Group emerges: One of the world's largest illegal fund transfer platforms?
The ransom ultimately suspected of flowing into "Huione Pay" has long been monitored by international intelligence agencies as a gray financial platform.
Multiple independent reports indicate that Huione Group has its headquarters in Cambodia and provides payment settlement channels for Southeast Asia's fraud, money laundering, and trafficking networks. The UK blockchain analysis agency Elliptic has revealed that Huione users are extensively involved in black market services, including money laundering intermediaries, selling stolen data, and operating telecom fraud parks.
More seriously, Huione has close ties with Cambodia's political and business circles. Public records show that the current Prime Minister Hun Manet's cousin, Hun Tu, is one of the directors of Huione. The United Nations Office on Drugs and Crime (UNODC) even named the platform as the "financial lifeline for drug trafficking, fraud activities, and human trafficking."
On May 1, 2025, the Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department officially listed Huione as a "significant money laundering risk institution" and recommended that US financial institutions completely cut off its transfer services. With the exposure of Guo's case, Huione faces the possibility of more international financial sanctions.
🛫Private plane ferrying huge amounts of cash? Military focuses on behind-the-scenes forces
The complexity of the money laundering chain in Guo's case far exceeds expectations. The PNP recently disclosed that the police had intercepted nearly 500 kilograms of cash at Mactan-Cebu International Airport, packed in seven luggage bags, ready to be transported to Manila. This batch of cash is suspected to be intended for transfer out of the country on a private plane.
The Philippine military has confirmed the flight number of the plane and warned that such operations may involve "illegal financial actions controlled by foreign forces," calling for strengthened airport and private flight security mechanisms.
🚨Conclusion: Behind a kidnapping case, a transnational black money system is revealed
From Philippine casino intermediaries and private planes to Cambodian cryptocurrency platforms, Guo's case has become a key breakthrough in analyzing Southeast Asia's underground financial system. The unveiling of the ransom path not only reveals the local gambling money laundering ecosystem but also exposes how transnational criminal networks bypass traditional regulatory channels for large-scale fund transfers.
The Philippine police emphasize that they will cooperate with Interpol and law enforcement agencies of ASEAN countries to strive to dismantle this underground financial network involved in human trafficking, gambling, and money laundering.
