As an experienced financial analyst, I find the investigation into Huione Guarantee by Elliptic to be deeply concerning. The scale of transactions involved, estimated at over $11 billion, is staggering and raises serious red flags. The fact that a significant portion of these transactions are linked to money laundering and cyber scams is alarming.

Expert: Elliptic, a blockchain investigation firm, has discovered that the suspicious online marketplace Huione Guarantee, frequently employed by swindlers in Southeast Asia, has been involved in transactions valued at a minimum of 11 billion dollars.

A significant chunk of this is linked to money laundering and cyber scams.

Investigation on Huione Guarantee

The Elliptic research team has recently uncovered new information about Huione Guarantee, an online marketplace run by the Cambodian corporation Huione Group. Launched in 2021, it was initially intended as a legitimate platform for buying and selling items like real estate and cars. However, the majority of its current listings seem to be geared towards cybercriminals.

As a researcher exploring this platform, I’ve discovered that while users can conduct transactions via bank transfers and popular payment apps, the primary method of exchange on this system is Tether (USDT). The utilization of Tether provides enhanced transparency compared to traditional fiat transactions.

The study revealed that the most significant segment under Huione Warranty facilitates money laundering activities. They accept payments from victims, move funds across borders, and change them into cash, stablecoins, and Chinese digital payment systems. The group categorizes the ill-gotten funds based on the likelihood of those funds being seized.

A different set of businesspeople offers software and website construction as part of their repertoire, which is unfortunately utilized to establish fraudulent crypto investment platforms involved in the “pig butchering” scheme. Additionally, they provide personal data, telecommunications equipment, and sophisticated “AI face-changing” technology, enabling scammers to identify and interact more effectively with their victims.

Furthermore, the market caters to fraudulent activities by providing different tools. Among these are devices employed to confine and mistreat laborers in scam facilities. Announcements for tear gas canisters, electric batons, and electronic manacles frequently appear. Workers in these facilities are referred to as “runaway dogs,” a derogatory term used to describe those who refuse to comply with the scammers’ demands.

Huione Exhibits Darknet Marketplace Traits

As a cryptocurrency analyst, I’ve observed that Huione Guarantee and the merchants associated with them have received significant volumes of cryptocurrency transactions. This observation raises concerns about their potential involvement in facilitating cybercrimes, particularly in the Southeast Asian region.

As a researcher delving into the world of financial crimes, I’ve uncovered compelling evidence suggesting Huione International Payments, a subsidiary of Huione Pay, has been implicated in global money laundering schemes. This alarming discovery stems from the most recent investigation, which has consequently marked hundreds of cryptocurrency addresses associated with Huione companies as suspicious in Elliptic’s tools.

Elliptic recommended that crypto exchanges and related businesses scrutinize transactions linked to Huione wallets to hinder any more money laundering activities. Meanwhile, stablecoin providers could implement measures to prohibit the misappropriation of their digital assets via these wallets.

A marketplace like Huione Guarantee exhibits traits typical of darknet platforms. However, it is not an underground operation; instead, it’s run by a prominent Cambodian conglomerate, Huione Group. This business conglomerate manages Huione Pay, a payments and foreign exchange company. Additionally, they have investments in sectors such as insurance, airlines, and real estate. Huione Guarantee appears to maintain strong connections with Huione Pay, being prominently displayed on the latter’s website.

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2024-07-10 15:52