Huione Guarantee, part of the Huione Group in Cambodia, emerged in 2021 as a promising marketplace for real estate and cars. However, beneath its facade of legitimacy lies a shadowy underworld. Recent investigations by Elliptic reveal that the platform has processed over $11 billion, predominantly linked to cyber scams and money laundering.
Elliptic researchers have uncovered a vast Chinese-language ecosystem, with thousands of instant messaging app channels, each managed by a different merchant. Huione Guarantee not only operates this platform but also acts as an escrow provider, ensuring transaction security and preventing fraud among its users.
Payments are primarily accepted in USDT stablecoin, enabling transparency and traceability that conventional payment methods lack.
Despite its proclaimed neutrality, Huione Guarantee facilitates illicit transactions worth billions. Cryptocurrency wallets linked to Huione and its merchants have processed over $11 billion since its inception. The true figure is likely higher due to the frequent turnover of merchants and incomplete wallet data.
While not all transactions can be conclusively tied to illicit activities, the overwhelming evidence points to the platform’s predominant role in cyber scams.
Merchants on Huione Guarantee openly advertise money laundering services, including cross-border transfers and conversions to various assets like cash, stablecoins, and Chinese payment apps. They specify the types of fraud proceeds they handle, reflecting their awareness of the risks involved.
The investigation has led to the identification and labeling of hundreds of cryptocurrency addresses associated with Huione in Elliptic’s tools. These findings underscore Huione Guarantee’s role as a critical enabler for cyber scam operations in Southeast Asia, laundering proceeds on a global scale.
This discovery highlights the urgent need for increased scrutiny and regulation of such platforms to curb their support for illicit activities.
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