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A Chinese marketplace has been found guilty of money laundering.
According to a report by Elliptic, the Chinese marketplace Huione Guarantee is being used to launder money obtained from online scams, including the "Butchering Pig" scam.
Pig butchering is a scam scheme in which the victim is gradually persuaded to invest money on fake websites with promises of high returns on investments. Fraud is revealed when the victim tries to withdraw their funds – by this time, the user's money is already in the fraudsters ' account.
At least $11 billion has passed through sellers on Huione Guarantee, some of which are related to various types of cybercrime, including the creation of fraudulent investment sites, the sale of personal data and money laundering.
Huione Guarantee is a Chinese marketplace launched in 2021 and owned by the Cambodian conglomerate Huione Group. The terms of use of the platform state that it is not responsible for the goods sold, adhering to a neutral position and not interfering with illegal offers. However, the platform guarantees the security of transactions by providing users with an escrow system via Huione Pay, which makes Huione Group an active participant in transactions involving the sale of illegal goods.
Services offered on the platform
Elliptic's research shows that the lack of moderation combined with a robust payment system has created favorable conditions for cybercriminals to buy and sell the following products and services:
Elliptic claims that Huione Guarantee functions in the same way as darknet markets, and even involves its employees in money laundering operations. Researchers observed chat messages on the platform where a user requested assistance in laundering $2 million. A representative of Huione International Payments, part of Huione Pay, responded to the request and agreed to conduct the process for a commission of 10.5%.
Chat between a fraudster and a Huione Pay representative
According to Elliptic, Huione Guarantee is one of the key accomplices of fraudsters in Southeast Asia. Based on the collected evidence, the payment system for the trading platform is actively involved in laundering the proceeds of fraud from around the world.
Elliptic has collected hundreds of cryptocurrency addresses controlled by Huione firms and merchants on Huione Guarantee. The collected data can be used by cryptocurrency exchanges and law enforcement agencies to track payments and block the laundering of illegal funds on the platform.
Source
According to a report by Elliptic, the Chinese marketplace Huione Guarantee is being used to launder money obtained from online scams, including the "Butchering Pig" scam.
Pig butchering is a scam scheme in which the victim is gradually persuaded to invest money on fake websites with promises of high returns on investments. Fraud is revealed when the victim tries to withdraw their funds – by this time, the user's money is already in the fraudsters ' account.
At least $11 billion has passed through sellers on Huione Guarantee, some of which are related to various types of cybercrime, including the creation of fraudulent investment sites, the sale of personal data and money laundering.
Huione Guarantee is a Chinese marketplace launched in 2021 and owned by the Cambodian conglomerate Huione Group. The terms of use of the platform state that it is not responsible for the goods sold, adhering to a neutral position and not interfering with illegal offers. However, the platform guarantees the security of transactions by providing users with an escrow system via Huione Pay, which makes Huione Group an active participant in transactions involving the sale of illegal goods.
Services offered on the platform
Elliptic's research shows that the lack of moderation combined with a robust payment system has created favorable conditions for cybercriminals to buy and sell the following products and services:
- Laundering of proceeds from sextorch and pig butchering scams;
- Accepting payments from victims and converting them into cash, stablecoins, and credits from Chinese payment apps;
- Creating Fraudulent Cryptocurrency Investment Websites for pig butchering;
- AI - enabled software to replace faces when communicating with victims;
- Stolen personal data (for targeted fraud);
- Telecommunications equipment to facilitate fraudulent transactions;
- Torture and control equipment used in fraudulent camps.
Elliptic claims that Huione Guarantee functions in the same way as darknet markets, and even involves its employees in money laundering operations. Researchers observed chat messages on the platform where a user requested assistance in laundering $2 million. A representative of Huione International Payments, part of Huione Pay, responded to the request and agreed to conduct the process for a commission of 10.5%.
Chat between a fraudster and a Huione Pay representative
According to Elliptic, Huione Guarantee is one of the key accomplices of fraudsters in Southeast Asia. Based on the collected evidence, the payment system for the trading platform is actively involved in laundering the proceeds of fraud from around the world.
Elliptic has collected hundreds of cryptocurrency addresses controlled by Huione firms and merchants on Huione Guarantee. The collected data can be used by cryptocurrency exchanges and law enforcement agencies to track payments and block the laundering of illegal funds on the platform.
Source
