Elliptic Alleges Huione Exposes Money Laundering and Other Illicit Activities, $11 Billion in Crypto Transactions Linked to Huione and Merchants
Blockchain analytics firm Elliptic has recently released a report accusing the Cambodia-based marketplace Huione Guarantee of enabling money laundering and other illicit activities. According to the report, since its establishment in 2021, crypto wallets associated with Huione Guarantee and its independent merchants have received over $11 billion in transactions, suspected of involving fraudulent activities.
The report highlights that Tether’s stablecoin is a popular payment method on the platform, along with other payment apps and bank transfers. Elliptic claims that while Huione Guarantee operates as a neutral platform, it has become a hub for criminal activities. The report also suggests that Huione Guarantee is part of the larger Huione Group, which is involved in various sectors across Southeast Asia and reportedly has ties to Cambodia’s Prime Minister, Hun Manet.
Despite Huione Guarantee’s claims that it cannot monitor customer transactions due to merchants using their messaging channels, Elliptic argues that the platform is complicit in facilitating scams. The report includes evidence of merchants offering money laundering services and tools for scams, such as software for fraudulent investment websites and equipment used to imprison and torture workers in scam compounds.
In response to these findings, Elliptic has identified and labeled hundreds of cryptocurrency addresses associated with Huione, enabling exchanges and other businesses to screen transactions for links to these wallets to prevent further money laundering.
The allegations against Huione Guarantee raise concerns about the extent of money laundering and illicit activities facilitated by the platform. As investigations continue, the crypto community awaits further developments in this unfolding story.
