🚨 ELLIPTIC EXPOSES $11B SCAM NETWORK VIA HUIONE GUARANTEE 🚨
Elliptic's latest report reveals the Huione Guarantee marketplace, run by Cambodian conglomerate Huione Group, has facilitated over $11 billion in illicit transactions. These transactions predominantly involve money laundering and cyber scams across Southeast Asia, utilizing Tether ($USDT) for payments.
📊 Blockchain Transparency
Tom Robinson, co-founder and chief scientist at Elliptic, highlighted the ability to quantify these transactions thanks to the blockchain's transparency. "This aspect, of course, also means that these crypto transactions can be tracked and blocked in a way that is not possible with other payments," he explained.
🛠 Services Offered by Huione Guarantee
Operating mainly in Chinese, Huione Guarantee's marketplace involves thousands of instant messaging app channels managed by separate merchants. Services offered include:
- Selling personal data
- Money laundering
- Software and web development for scam websites
- Tools and equipment for imprisoning and torturing scam workers
💸 Tether Transactions
While the platform uses various payment methods, Tether is predominantly used due to its trackability compared to traditional fiat flows. A Tether spokesperson emphasized the need for direct engagement with counterparties to freeze illicit activities, criticizing those who publicize findings without intervention.
🕵️ Elliptic’s Investigation
Elliptic identified hundreds of crypto addresses linked to Huione Guarantee and its merchants. Robinson noted that businesses could use blockchain analytics to avoid transactions with these entities. "We have labeled several hundred addresses in our tools that are used by these entities, and our customers can screen transactions and wallets for links to them," he said.
Crazy story, right?
Reminds me of the times where the "darknet" was at it's peak!
