Huione Guarantee

History

2024: Participation in $49 billion fraud

In early September 2024, it became known that the online platform Huione Guarantee, allegedly associated with the ruling dynasty of Cambodia, has processed fraudulent transactions in cryptocurrency in the amount of more than $49 billion since 2021.

Analytics firm Chainalysis found that the Huione Guarantee platform is a marketplace that acts as a "guarantor or provider of deposit services for all transactions." It provides communication between buyers and sellers, providing Telegram descriptors as contact points. Researchers said thousands of Telegram groups are advertised on Huione Guarantee, many of which are "likely linked to criminal organizations operating in the region."

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"Many sellers on Huione Guarantee do not make much effort to hide their activities and use barely veiled codewords." Chainalysis found hundreds of transfers between Huione Pay and illegal or risky market players. According to the study, Huione received and sent funds to accounts already linked to fraud, distribution of child sexual abuse material and illegal casinos. A considerable part of these accounts are associated with organizations known for their involvement in illegal activities throughout Southeast Asia.

Thus, the service contributed to the activities of not only fraudsters and swindlers, but also the criminal networks behind them, the researchers say. The platform, in turn, declares that it is a neutral party and does not verify the legitimacy of the advertised goods.

The Chainalysis report notes that cybercriminals continue to evolve and adapt to law enforcement actions, such as laundering money through centralized exchanges such as Huione Guarantee.^[1]

Notes