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One site has become the center of crime syndicates in Asia.
Chainalysis has revealed the extent of cryptocurrency transactions on the Huione Guarantee platform, which is allegedly closely linked to cybercrime and the Cambodian government. According to the report, more than $49 billion in cryptocurrency has passed through the platform since 2021. In July, Elliptic named Huione Guarantee as a key player in the pig butchering industry. At the time, experts said that Huione Guarantee acts as a guarantor or escrow provider for all transactions.
A study by Chainalysis has shown that Huione Guarantee plays a much more significant role in the cybercriminal world than previously thought. The platform connects buyers and sellers via Telegram, stating its neutral position and lack of verification of the authenticity of the advertised products. However, there are thousands of Telegram groups operating on the platform, many of which, according to researchers, are associated with criminal enterprises in the region.
Blockchain analysis revealed that the platform-related Huione Pay was active on the Ethereum and TRON blockchains, with total receipts of more than $1.9 billion and $47 billion, respectively. Many sellers on the platform openly advertise their illegal services using veiled expressions.
Researchers have identified hundreds of transfers between Huione Pay and suspicious or illegal accounts. Among the recipients and senders of funds were accounts associated with fraudulent schemes, stolen funds, CSAM materials, as well as casinos and other illegal services. Among the transactions are transfers to accounts linked to fraudulent schemes in Myanmar and other criminal groups in Southeast Asia. Huione Guarantee not only facilitates the work of individual scammers, but also supports entire criminal networks.
The platform also offers access to facial recognition systems and tools for carrying out Pig Butchering or pyramid schemes. Chainalysis noted that Huione Guarantee is a "hub" for a variety of cybercriminals. Huione Group is formally engaged in legal business, but its subsidiaries are deeply involved in criminal activities. One of Huione Pay's directors, Hun To, is a cousin of Cambodian Prime Minister Hun Manet and has long been known for his ties to illicit substance trafficking, money laundering and organized crime in China.
The report also highlights other trends in cybercrime related to cryptocurrency. Criminal groups continue to adapt and accelerate the development of fraud tools. In 2024, a record number of new wallets were recorded, indicating a surge in new fraudulent schemes. However, despite the use of new addresses in the chain, about 57% of fraudulent receipts for 2024 still go to wallets that became active until 2024.
One of the largest fraud-related wallets pools funds from various schemes operating out of KK Park, one of the most notorious fraud centers in Myanmar, on the border with Thailand. In addition, the country's civil war has encouraged criminal gangs to flourish in unregulated border areas, which has even prompted the Chinese government to intervene and force the military junta to take action.
Since 2022, more than $100 million has been sent to a wallet associated with KK Park, which may have included both money from victims of the scam and ransoms paid by families to rescue their kidnapped relatives. Most of the money from fraudulent campaigns is then laundered through centralized exchanges such as Huione Guarantee.
Chainalysis previously determined that in the first half of 2024, victims of ransomware attacks paid more than $459 million to attackers, an increase of $10 million compared to 2023 ($449.1 million).
Source
Chainalysis has revealed the extent of cryptocurrency transactions on the Huione Guarantee platform, which is allegedly closely linked to cybercrime and the Cambodian government. According to the report, more than $49 billion in cryptocurrency has passed through the platform since 2021. In July, Elliptic named Huione Guarantee as a key player in the pig butchering industry. At the time, experts said that Huione Guarantee acts as a guarantor or escrow provider for all transactions.
A study by Chainalysis has shown that Huione Guarantee plays a much more significant role in the cybercriminal world than previously thought. The platform connects buyers and sellers via Telegram, stating its neutral position and lack of verification of the authenticity of the advertised products. However, there are thousands of Telegram groups operating on the platform, many of which, according to researchers, are associated with criminal enterprises in the region.
Blockchain analysis revealed that the platform-related Huione Pay was active on the Ethereum and TRON blockchains, with total receipts of more than $1.9 billion and $47 billion, respectively. Many sellers on the platform openly advertise their illegal services using veiled expressions.
Researchers have identified hundreds of transfers between Huione Pay and suspicious or illegal accounts. Among the recipients and senders of funds were accounts associated with fraudulent schemes, stolen funds, CSAM materials, as well as casinos and other illegal services. Among the transactions are transfers to accounts linked to fraudulent schemes in Myanmar and other criminal groups in Southeast Asia. Huione Guarantee not only facilitates the work of individual scammers, but also supports entire criminal networks.
The platform also offers access to facial recognition systems and tools for carrying out Pig Butchering or pyramid schemes. Chainalysis noted that Huione Guarantee is a "hub" for a variety of cybercriminals. Huione Group is formally engaged in legal business, but its subsidiaries are deeply involved in criminal activities. One of Huione Pay's directors, Hun To, is a cousin of Cambodian Prime Minister Hun Manet and has long been known for his ties to illicit substance trafficking, money laundering and organized crime in China.
The report also highlights other trends in cybercrime related to cryptocurrency. Criminal groups continue to adapt and accelerate the development of fraud tools. In 2024, a record number of new wallets were recorded, indicating a surge in new fraudulent schemes. However, despite the use of new addresses in the chain, about 57% of fraudulent receipts for 2024 still go to wallets that became active until 2024.
One of the largest fraud-related wallets pools funds from various schemes operating out of KK Park, one of the most notorious fraud centers in Myanmar, on the border with Thailand. In addition, the country's civil war has encouraged criminal gangs to flourish in unregulated border areas, which has even prompted the Chinese government to intervene and force the military junta to take action.
Since 2022, more than $100 million has been sent to a wallet associated with KK Park, which may have included both money from victims of the scam and ransoms paid by families to rescue their kidnapped relatives. Most of the money from fraudulent campaigns is then laundered through centralized exchanges such as Huione Guarantee.
Chainalysis previously determined that in the first half of 2024, victims of ransomware attacks paid more than $459 million to attackers, an increase of $10 million compared to 2023 ($449.1 million).
Source
