Elliptic, a prominent blockchain analysis firm, has revealed damning findings implicating Huione Guarantee, an online marketplace operated by Cambodia’s Huione Group, in extensive money laundering and cyber scams. Initially established in 2021 to facilitate legitimate transactions like real estate and automotive sales, Huione Guarantee has morphed into a hub for illicit activities across Southeast Asia.
According to Elliptic‘s investigation, Huione Guarantee primarily transacts using Tether (USDT), offering a level of traceability that surpasses traditional fiat transactions. The platform has become notorious for facilitating:
- Money Laundering Services: Criminal groups operating on Huione Guarantee exploit its infrastructure to accept payments from victims, transfer funds internationally, and convert them into cash or cryptocurrencies such as stablecoins and Chinese payment apps.
- Fraudulent Operations: The marketplace hosts vendors offering deceptive services such as creating sham crypto investment websites for “pig butchering” scams. Additionally, they provide tools like personal data and telecom equipment, enhancing their capability to target and defraud unsuspecting victims.
Moreover, Huione Guarantee advertises products designed to support scam operations, including equipment allegedly used to control and intimidate workers within scam compounds.
Despite its association with Huione Group, a conglomerate involved in diverse sectors including payments, foreign exchange, insurance, airlines, and real estate, Huione Guarantee exhibits characteristics akin to darknet marketplaces. This revelation has prompted Elliptic to identify numerous cryptocurrency addresses linked to Huione companies, underscoring the urgent need for enhanced vigilance and regulatory oversight within the digital asset ecosystem.
Elliptic urges crypto exchanges and stablecoin operators to implement stringent screening measures to thwart further misuse of their platforms by entities associated with Huione Guarantee.
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