Carding Forum
Professional
A recent study by the analytical company Elliptic showed that cryptocurrency fraud in Southeast Asia has reached industrial proportions and led to losses of tens of billions of dollars.
According to a recent Elliptic report, many cryptocurrency scams are committed by members of transnational organized crime groups that operate from specially created "scam complexes" located throughout Southeast Asia, especially in Myanmar, Laos, and Cambodia.
For example, the online platform Huione Guarantee, owned by the Cambodian conglomerate Huione Group, acts as a kind of clearing house with thousands of channels and instant messaging applications, each of which is managed by a separate seller.
Research conducted by Elliptic on the Huione Guarantee website revealed that some merchants openly offer their clients services to launder stolen crypto assets, sell software and web development tools to create fraudulent websites, and actively participate in fraudulent schemes.
According to Elliptic experts, over the past three years, sellers of virtual services from Southeast Asia have spent more than $11 billion through cryptocurrency wallets registered on the Huione Guarantee platform.
Analysts clarified that not all transactions mentioned in the report can be classified as fraudulent. However, the available evidence provides "very strong reasons to believe that most of the transactions are related to illegal activities."
The emergence of specialized online stores that openly offer illegal services is taking crypto fraud in Southeast Asia to a new level, according to a report from Elliptic.
According to a recent Elliptic report, many cryptocurrency scams are committed by members of transnational organized crime groups that operate from specially created "scam complexes" located throughout Southeast Asia, especially in Myanmar, Laos, and Cambodia.
For example, the online platform Huione Guarantee, owned by the Cambodian conglomerate Huione Group, acts as a kind of clearing house with thousands of channels and instant messaging applications, each of which is managed by a separate seller.
Research conducted by Elliptic on the Huione Guarantee website revealed that some merchants openly offer their clients services to launder stolen crypto assets, sell software and web development tools to create fraudulent websites, and actively participate in fraudulent schemes.
According to Elliptic experts, over the past three years, sellers of virtual services from Southeast Asia have spent more than $11 billion through cryptocurrency wallets registered on the Huione Guarantee platform.
Analysts clarified that not all transactions mentioned in the report can be classified as fraudulent. However, the available evidence provides "very strong reasons to believe that most of the transactions are related to illegal activities."
The emergence of specialized online stores that openly offer illegal services is taking crypto fraud in Southeast Asia to a new level, according to a report from Elliptic.
