Scam Operators Flourish on Huione Guarantee, Elliptic Research Reveals
Huione Guarantee, an online marketplace operated by the Cambodian conglomerate Huione Group, has been involved in facilitating online scams in Southeast Asia.
The platform has facilitated transactions exceeding $11 billion, with a significant portion of these funds linked to money laundering and cyber scams, according to a recent research report by Elliptic.
Using blockchain analytics, the Elliptic research team was able to quantify the cryptocurrency transactions on the Huione Guarantee.
The transparency of the blockchain allowed for tracking and blocking these crypto transactions.
The marketplace primarily operates in Chinese and involves numerous instant messaging app channels, each managed by separate merchants.
These merchants offer various services that are fundamental to the operation of cyber scams.
They engage in activities such as selling personal data, money laundering, and providing software and web development for scam websites.
Additionally, Huione Guarantee offers tools and equipment used in the imprisonment and torture of workers in scam compounds.
While the platform accepts payment methods like bank transfers and payment apps, it predominantly relies on Tether, a cryptocurrency that is easier to track compared to traditional fiat flows.
Elliptic’s investigation into Huione Guarantee led to the identification and labeling of hundreds of crypto addresses associated with the platform and its merchants.
This enables exchanges and other businesses to screen transactions and prevent the continued laundering of illicit funds.
It also provides an opportunity for law enforcement agencies to trace these payments and hold those responsible for the scams accountable.
In its 2024 report, Elliptic highlighted the growing use of
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