Update July 10, 10:50 am UTC: This article has been revised to feature statements from Tether. Huione Guarantee, an online marketplace operated by the Cambodian conglomerate Huione Group, has been implicated in aiding online scams in Southeast Asia. According to Elliptic Research, the platform conducted transactions exceeding $11 billion, with a significant portion associated with money laundering and cyber scams. The marketplace, primarily active in China, operates through numerous instant messaging app channels managed by different merchants. These merchants provide services crucial for cyber scams, such as selling personal data, money laundering, and developing software for scam websites. While utilizing payment methods like bank transfers and payment apps, the platform predominantly uses Tether (USDT), making tracking easier. Elliptic's report led to the identification of numerous crypto addresses linked to Huione Guarantee, enabling businesses to utilize blockchain analytics to avoid engaging with such services and prevent the laundering of illicit funds. Read more AI-generated news on: https://app.chaingpt.org/news