As a researcher with a background in blockchain forensics, I find the report from Elliptic on Huione Guarantee deeply concerning. The Cambodian marketplace, which has connections to the ruling family and acts as an escrow provider for USDT transfers, appears to have become a breeding ground for crypto scammers and money launderers.
According to blockchain analysis conducted by experts at Elliptic, a UK-based forensic company, Huione Guarantee, a marketplace based in Cambodia, has emerged as a hub for cryptocurrency scams.
The large marketplace in Cambodia known as Huione Guarantee, which reportedly has ties to the country’s ruling family, has become a prominent hub for merchants suspected of offering money laundering services, according to blockchain analysis firm Elliptic.
In a report published on a Wednesday, the London-based firm, Huione, revealed that its marketplace, comprised of thousands of Telegram channels and functioning as an escrow service for USDT transactions, has turned into a haven for nefarious elements. These individuals are reportedly using the platform to launder proceeds derived from fraudulent activities. However, it’s essential to note that pig butchering isn’t the sole illegal practice tolerated by Huione’s merchants. Additionally, they trade software for designing deceptive crypto investment websites, according to Elliptic’s findings.
Based on our investigation at the firm, approximately $11 billion worth of cryptocurrencies have flowed into Huione Guarantee and its associated merchants’ wallets since 2021. However, Elliptic, a leading crypto analytics firm, posits that this number could be even greater. The reason being, there is a constant influx of new merchants joining the platform, some of whom may not have disclosed their entire cryptocurrency transaction history. Consequently, obtaining a complete and accurate picture of the total cryptocurrency volume transacted through these wallets can be challenging.
Although the analysts acknowledged that not every transaction could be conclusively tied to fraud or unlawful activities, they pointed out that the kind of goods and services offered on the platform raised significant red flags, suggesting that most payments were likely associated with illegal dealings.
As a crypto investor closely monitoring the Huione Guarantee platform, I’ve personally analyzed thousands of messages and have uncovered strong evidence suggesting that this platform primarily functions as an illegal marketplace.
Elliptic
As an analyst, I’ve come across Huione Guarantee, which shares several traits with darknet marketplaces. However, it’s essential to remember that it represents only a segment of Huione Group, a Cambodian conglomerate’s broader business endeavors. According to Elliptic, this group manages a payments and foreign exchange business named Huione Pay. Notably, one of Huione Pay’s directors is Hun To, who is related to the current prime minister of Cambodia, Hun Manet.
According to reports from Australian authorities, Hu To is under suspicion for involvement in “heroin trafficking and money laundering” activities. The company acknowledges these allegations, further disclosing that their investigations suggest Huione Group not only serves as a platform for cyber frauds through the Huione Guarantee marketplace but also reveals one of its subsidiaries is actively engaged in laundering the proceeds from these scams.
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2024-07-10 11:40