🌋 Huione Guarantee's Illicit Activities Exposed by Elliptic
posted 10 Jul 2024
Elliptic, an analytical company, performed a detailed probe into the Asian trading platform Huione Guarantee, which has attracted significant attention from fraudsters.
Founded in 2021 by the Cambodian company Huione Group, which is connected to the country's elites, Huione Guarantee started as a legitimate marketplace for real estate and cars. However, Elliptic's report reveals that the majority of current listings on the platform are directed at fraudsters: money laundering services, fake crypto investment platforms, AI tools for deepfakes, personal data of potential victims, and even torture devices (tear gas, electric batons, electronic shackles).
Researchers were able to investigate Huione's operations by tracking transactions primarily conducted in the stablecoin USDT, although traditional bank transfers and payment apps are also used. This enabled them to follow the money trail.
The platform, which claims to be just an intermediary in transactions and user listings, denies any ties to criminals and rejects responsibility for the actions of its vendors and clients. Despite this, the investigation found that the company is actively involved in laundering money obtained through fraudulent means.
Elliptic points out: Huione Guarantee represents one of the largest fraud-facilitators in Southeast Asia. The researchers identified hundreds of cryptocurrency addresses used by the company and its clients in illegal operations and called on law enforcement to act on this information.
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