Elliptic report: Cambodia Huione Guarantee suspected of money laundering, hundreds of crypto addresses controlled by Huione have been identified

According to TechFlow, blockchain analysis company Elliptic released a report on Wednesday saying that Huione Guarantee in the Cambodian market was suspected of money laundering and other criminal activities.

Since its founding in 2021, Huione and its merchants’ crypto wallets have received at least $11 billion, primarily using Tether (USDT) for transactions. Elliptic noted that Huione executives have ties to Cambodian Prime Minister Hun Manet and said the platform turned a blind eye to criminal activities such as money laundering and “sexual exploitation.”

Elliptic has identified and flagged hundreds of cryptocurrency addresses controlled by Huione, helping to prevent further money laundering