According to CryptoPotato, blockchain analysis firm Elliptic has discovered that the online marketplace Huione Guarantee, operated by the Cambodian conglomerate Huione Group, has been involved in transactions amounting to at least $11 billion. A significant portion of these transactions is associated with money laundering and cyber scams. Established in 2021, Huione Guarantee was initially a legitimate marketplace for goods such as real estate and cars. However, it appears that the platform is now primarily catering to cyber scam operators.
The platform accepts bank transfers and payment apps, but primarily uses Tether (USDT), which provides more traceability than traditional fiat transactions. The largest group operating on Huione Guarantee offers money laundering services, including accepting payments from victims, transferring funds internationally, and converting them into cash, stablecoins, and Chinese payment apps. They categorize the types of fraudulent proceeds they handle based on the risk of the funds being frozen.
Another group of merchants on the platform provides software and web development services, including the creation of fraudulent crypto investment websites used in 'pig butchering' scams. Personal data, telecom equipment, and 'AI face-changing' software are also available, assisting scammers in targeting and communicating with victims. The marketplace also offers various scam-enabling products, including equipment used to imprison and torture workers in scam compounds.
Huione Guarantee and its merchants receive substantial amounts of cryptocurrency, indicating their role in facilitating cyber scams in Southeast Asia. Evidence suggests that Huione International Payments, a division of Huione Pay, is involved in laundering scam proceeds globally. This has led to the identification of hundreds of cryptocurrency addresses controlled by Huione companies in Elliptic’s tools. Elliptic suggests that crypto exchanges and other businesses can screen transactions for connections to Huione-related wallets to prevent further laundering. Stablecoin operators can also take steps to block the misuse of their crypto assets through these wallets.
Huione Guarantee exhibits many characteristics of a darknet marketplace, but it is operated by a large Cambodian conglomerate, Huione Group. The group operates a payments and foreign exchange business, Huione Pay, and has interests in insurance, airlines, and real estate. Huione Guarantee appears to be closely linked to Huione Pay, being featured prominently on the latter’s website.