Analysts at Elliptic have identified Huione Guarantee as the world’s largest illegal online platform connected to cybercrime. An investigation revealed that the platform provided services for money laundering, the sale of stolen data, and technology used for large-scale online fraud. The total volume of transactions processed through the platform was nearly $6 billion, surpassing figures associated with well-known darknet markets such as Hydra.
Ties to Huione Group
Huione Guarantee is run through Huione Group, based in Cambodia. Despite claims of independence, the company remains both a key shareholder and a strategic partner of the platform.
In response to the allegations, Huione Guarantee rebranded itself to Haowang Guarantee, updating its rules to ban trading related to “human trafficking,” “weapons,” and “terrorism.”
In 2024, Huione Group introduced its own cryptocurrency, USDH, along with the Huione Chain (Xone Chain) blockchain, aiming to reduce reliance on third-party services. The stablecoin USDH is pitched as an alternative to USDT, declaring no limitations on freezing funds or complying with regulations. The company also opened Huione Crypto, an exchange registered in Poland that offers cryptocurrency trading services.
In August, Huione Group launched a messenger app called ChatMe, mirroring much of Telegram’s functionality, including group creation and bot use. The application is integrated with Huione Chain for payments and transactions.
Cryptocurrency Money Laundering
According to Elliptic, about $6 billion in cryptocurrency flowed through a Telegram bot connected to Huione Guarantee, most of which was used for gambling and likely money laundering. This figure, experts say, substantially exceeds that of other illegal platforms.
The report indicates that Huione Guarantee remains a key player in Southeast Asia’s fraud ecosystem, allegedly linked to illegal “scam camps” where victims of human trafficking are forced to participate in cybercrime.
Elliptic has identified thousands of cryptocurrency addresses related to Huione Guarantee and its partners, enabling exchanges and law enforcement agencies to track and block suspicious transactions, limiting money laundering and curtailing the platform’s activities.
For the full report, click here.
Related Reading:
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.
