A new report from Elliptic has exposed how the Huione Guarantee marketplace, operated by the Cambodian Huione Group, was used for major money laundering and cyber scams involving Tether (USDT) transactions.
The report reveals that Huione Guarantee facilitated transactions totaling over $11 billion, with a significant portion related to illegal activities.
Dr. Tom Robinson, co-founder and chief scientist at Elliptic, told us that their team could track these cryptocurrency transactions thanks to the transparency of blockchain technology. He explained that this transparency allows for tracking and blocking transactions in ways not possible with traditional payment methods.
Marketplace and Scam Activities
Huione Guarantee primarily operates in Chinese and runs thousands of messaging app channels managed by different merchants. These merchants provide services essential for running cyber scams, such as selling personal data, money laundering, and developing scam websites.
The platform also offers tools and equipment used for the abuse of workers in scam operations.
While the marketplace uses various payment methods, including bank transfers and payment apps, it predominantly relies on Tether (USDT) due to its ease of tracking compared to traditional currencies.
Summary Review: The Elliptic report highlights significant concerns about the role of Huione Guarantee in facilitating large-scale financial crimes. With over $11 billion in transactions tied to money laundering and cyber scams, this marketplace has demonstrated how cryptocurrency, particularly Tether (USDT), can be exploited for illegal activities. The transparency of blockchain technology, while helpful for tracking these transactions, underscores the ongoing challenges in combating crypto–related crime. Efforts to strengthen regulations and oversight in the cryptocurrency space are crucial to preventing such abuses in the future.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
