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Huione Guarantee's $11 Billion Scam Network Busted by Elliptic

Key Takeaways

  • Elliptic Research reports that Huione Guarantee facilitates scams across Southeast Asia, handling over $11 billion in transactions;
  • Huione Guarantee operates thousands of messaging channels managed by merchants who offer services for cyber scams;
  • The platform primarily uses USDT for transactions thus Elliptic was able to trace thousands of related crypto addresses.
Huione Guarantee's $11 Billion Scam Network Busted by Elliptic

A recent report from Elliptic Research has found that Huione Guarantee, an online marketplace operated by the Cambodian conglomerate Huione Group, facilitates online scams across Southeast Asia.

The platform, mainly operating in Chinese, has been linked to over $11 billion in transactions, much of which is connected to scams and money laundering activities.

Huione Guarantee runs thousands of instant messaging app channels, each managed by different merchants. Many of these merchants provide services for executing cybercrime, including money laundering and developing scam software and websites. Some also offer equipment used to torture and imprison scam compound workers.

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Although Huione Guarantee uses bank transfers and payment apps, it predominantly relies on Tether (USDT) for transactions. The transparency of blockchain technology allowed Elliptic to trace thousands of crypto addresses associated with Huione Guarantee and its merchants.

The report emphasizes that exchanges and businesses can screen crypto transactions for links to Huione wallets to prevent further criminal activities, while stablecoin operators can block misuse of their assets through these wallets. Elliptic added:

Law enforcement can also use our investigation tools to trace these payments and pursue those responsible for these scams. Crypto is a weak point of those scams that make use of it, which can be used to help bring those responsible to justice.

Elliptic exposing Huione Guarantee's scam network underscores the critical role of blockchain transparency in combating online crime.

In other news, Pink Drainer, a crypto wallet-draining group, recently lost nearly $30,000 in an address poisoning scam.

Aaron S. , Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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