Cambodian marketplace Huione Guarantee became hub for crypto scammers: Elliptic

Overview of Huione Guarantee and Crypto Scammers

Elliptic, a British forensic firm, has identified Huione Guarantee, a marketplace based in Cambodia, as a hub for crypto scammers. The marketplace, linked to the Cambodian ruling family, is reportedly facilitating money laundering services and engaging in illicit activities such as selling software for scam crypto investment websites.

Analysis of Huione Guarantee’s Crypto Wallet Activity

According to Elliptic’s findings, crypto wallets associated with Huione Guarantee and its merchants have received over $11 billion since 2021. While not all transactions can be definitively linked to fraud, the nature of products and services advertised on the platform suggests a strong connection to illicit activities.

Connection to Huione Group and Suspicions of Illegal Activities

Despite its resemblance to a darknet marketplace, Huione Guarantee is just one part of the broader business operated by the Cambodian conglomerate, Huione Group. The group, which also runs Huione Pay, is linked to individuals with allegations of heroin trafficking and money laundering. Elliptic’s analysis suggests that Huione Group facilitates cyber scams through Huione Guarantee and may be involved in laundering proceeds from these scams.

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