"Huione Guarantee Marketplace Exposed as Front for Cybercrime"

Cryptocurrency investigators at Elliptic have claimed a popular online marketplace in Southeast Asia is actually being used primarily by money launderers and fraudsters.  The investigators claimed that Huione Guarantee is part of Cambodian conglomerate Huione Group, which is owned by the cousin of current prime minister Hun Manet.  Merchants on the marketplace, launched in 2021 apparently as a place to trace legitimate goods like property and cars, have pulled in at least $11bn over the past three years.  The investigators noted that not all of these transactions can be definitively linked to fraud or other illicit activity since that would require perfect knowledge of users’ source of funds or intended use of the products purchased.  However, the nature of the products and services advertised by these merchants and their open willingness to facilitate scams provide very strong indications that the vast majority of these payments relate to illicit activity.  Manual analysis of thousands of messages across the Huione Guarantee platform has provided the investigators with overwhelming evidence that its predominant role is to act as an illicit marketplace.  The marketplace itself is comprised of thousands of instant messaging app channels, each run by a different merchant, with Huione Guarantee acting as guarantor or escrow provider for all transactions.  The investigators noted that money laundering service providers comprise the majority of merchants on the site, although others offer software and know-how to create scam crypto investment websites like those used in “pig butchering” fraud.  

Infosecurity Magazine reports: "Huione Guarantee Marketplace Exposed as Front for Cybercrime"