The Telegram-based online marketplace known as HuiOne Guarantee and its vendors have cumulatively received at least $24 billion in cryptocurrency, dwarfing the now-defunct Hydra to become the largest online illicit marketplace to have ever operated.
The figures, released by blockchain analytics firm Elliptic, show that monthly inflows have increased by 51% since July 2024.
Huione Guarantee, part of the HuiOne Group of companies, came under spotlight mid-last year when it was exposed as a hub for online fraudsters, advertising money laundering services, stolen data, and even electrified shackles meant for use against people who are trafficked into scam compounds under the pretext of high paying jobs to conduct romance baiting scams. The development led to cryptocurrency company Tether freezing $29.62 million of cryptocurrency connected to the marketplace.
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Established in 2021 ostensibly to facilitate the sale of cars and real estate, it’s said to have strong links with Cambodia’s ruling Hun family.
“The marketplace appears to be a key enabler of transnational organised crime groups that are perpetrating scams against victims around the world,” Elliptic said in a new report shared with The Hacker News.
Public disclosures about HuiOne Guarantee and HuiOne Pay, another of HuiOne Group’s subsidiaries, have since prompted the Chinese-language market to distance itself from its parent, rebranding itself as Haowang Guarantee.
It’s worth noting that HuiOne Pay was identified as receiving over $150,000 in cryptocurrency from an anonymous wallet used by the North Korean hacking outfit Lazarus between June 2023 and February 2024. The wallet was used to deposit digital assets stolen from three crypto companies in June and July 2023.
HuiOne Guarantee, which previously claimed it took no responsibility for the goods and services advertised on the platform, has also stepped in to block certain types of commerce, including those related to human trafficking, firearms, and terrorism.
However, Elliptic’s analysis shows that the marketplace continues to grow, with cash inflows topping $24 billion. The value of cryptocurrency received by wallets used by HuiOne Guarantee and its vendors surpassed $4 billion in the fourth quarter of 2024 alone. In contrast, the Hydra marketplace received approximately $5.2 billion in cryptocurrency during its entire six-year lifespan.
“In addition, nearly $6 billion in crypto has flowed through a Telegram bot used primarily for online gambling on HuiOne Guarantee,” the company said. “Initial analysis of bets placed through the platform indicates that much of this may constitute money laundering.”
Elliptic’s investigation also found that HuiOne Pay is one of the many vendors offering services to launder the proceeds of romance-baiting scams. Another vendor identified by the company claimed to be operating from the Golden Fortune Science and Technology Park in Chrey Thom, Cambodia, a scam compound linked to online scams.
In recent months, HuiOne Group has also launched a range of crypto-related products including a U.S. dollar-backed stablecoin called USDH, a decentralized crypto exchange that allows users to swap USDH for other cryptocurrencies, and a messaging app named ChatMe for Android and iOS.
“This appears to be an attempt to reduce the risk of being deplatformed by the likes of Tether or Telegram,” Tom Robinson, co-founder and chief scientist at Elliptic, said in a statement.
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Some parts of this article are sourced from:
thehackernews.com
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