Uncovering Huione Guarantee: A Hub for Cyber Scams
Recent investigations by the Elliptic research team have discovered unsettling revelations about Huione Guarantee, an online marketplace operated by the Cambodian conglomerate Huione Group. Initially established as a legit platform for real estate and car transactions in 2021, the majority of its current activities are now geared towards facilitating cyber scams.
- Accepting bank transfers and payment apps, but predominantly uses Tether (USDT) for transactions for better traceability.
- Identified a major group on the platform providing money laundering services, handling payments from victims, transferring funds internationally, and converting them into cash, stablecoins, and Chinese payment applications based on risk assessments.
- Another set of merchants offer software and web development services, creating deceptive crypto investment websites for fraudulent activities.
- Various scam-enabling products such as equipment for containing and mistreating workers in scam centers are advertised on the platform.
Darknet Marketplace Characteristics of Huione Guarantee
The extensive inflow of cryptocurrency to Huione Guarantee and its merchants suggests their complicity in facilitating cyber scams across Southeast Asia, as per investigations.
- Uncovered involvement of Huione International Payments, a subdivision of Huione Pay, in laundering scam proceeds on a global scale.
- The investigation led to the identification of numerous cryptocurrency addresses associated with Huione companies, marked on Elliptic’s tools.
- Elliptic recommends crypto exchanges and businesses to monitor transactions linked to Huione-related wallets to prevent further money laundering activities.
- Stablecoin operators are advised to take preventive measures to block misuse of their assets through these identified wallets.
“Huione Guarantee exhibits many traits of a darknet marketplace, facilitated by a prominent Cambodian conglomerate – Huione Group. With interests in payments, foreign exchange, insurance, airlines, and real estate, Huione Pay is closely associated with Huione Guarantee, prominently featured on the parent company’s website.”
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