As a crypto investor with a keen interest in the industry and its impact on society, I find the news about Huione Guarantee, a Cambodian online marketplace linked to criminal activity and financing via crypto, deeply concerning. The scale of this operation is enormous, and its connection to Cambodia’s ruling family makes it all the more alarming.
The Huione Guarantee, a prominent online marketplace based in Cambodia with an estimated worth of billions, is owned by the Huione conglomerate, which has connections to the country’s ruling family. According to a report by Elliptic, this platform facilitates criminal activities and their financing using cryptocurrencies, with Tether’s USDT serving as a significant means of transaction.
As a researcher, I’ve discovered that the marketplace functions as a bridge between buyers and sellers by gathering multiple communication platforms into one centralized hub. This congregation of large buyer and seller populations facilitates transactions on various goods and services. Regrettably, some of these offerings include illicit activities such as selling stolen credit card details, developing websites for fraudulent schemes, and providing equipment used in scam workplaces. These unsavory deals are often exchanged for cryptocurrencies or traditional payment methods.
Huione Guarantee serves as both the operator of the platform and the safeguard for all transactions, ensuring security against fraud. The primary method of payment is advertised as being in the USDT stablecoin, yet payment applications and bank transfers are additionally accepted.
As a seasoned crypto investor, I’ve come across various unsavory offerings in the marketplace, but money laundering stands out as the most frequently used service. Criminals send their tainted funds to launderers on these platforms for a fee. The cost of this service hinges on the gravity of the crime that generated those ill-gotten gains. It’s essential to note that not all these criminals are local; they can be found beyond Cambodian borders, converting their illegal funds into crypto, cold hard cash, or payments via Chinese applications.
The merchants openly provide money laundering solutions, such as receiving funds from global victims, moving the funds across borders, and transforming them into various assets like cash, stablecoins, and Chinese digital wallets.
As a researcher delving into the intricacies of illicit markets, I’ve uncovered intriguing information about an underground platform that bears striking similarities to darknet bazaars. This clandestine marketplace is reportedly overseen by Hun To, a prominent figure with familial ties to Cambodia’s prime minister, Hun Manet.
Additional information: Huione Guarantee incorporates payment solutions such as Huione Pay, its own payment platform, which has been implicated in money laundering activities. Marketplace intermediaries offer laundering services through this network, earning substantial profits over and above the laundered funds, typically exceeding 10%.
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2024-07-11 18:02