Security News > 2024 > July > Huione Guarantee exposed as a $11 billion marketplace for cybercrime
The seemingly legitimate online marketplace Huione Guarantee is being used as a platform for laundering money from online scams, especially "Pig butchering" investment fraud, researchers say.
According to a report from Elliptic blockchain analytics firm, the merchants on Huine Guarantee have made transactions of at least $11 billion of transactions, some of them linked to various types of cybercrime, including creating websites for investment fraud, personal data sales, and money laundering.
Huione Guarantee is a Chinese-language online marketplace launched in 2021, owned by the Cambodian conglomerate Huione Group.
"Our findings indicate that Huione Group not only facilitates cyber scams by operating the Huione Guarantee marketplace but also suggest that one of its subsidiaries is actively involved in laundering proceeds of these scams." - Elliptic.
A representative of Huione International Payments, part of Huione Pay, responded to the request and agreed to handle the process for a 10.5% cut.
According to Elliptic, Huione Guarantee is one of the key enablers of scam operators in South East Asia and based on the evidence uncovered, the payments system for the merchant platform "Is actively involved in laundering the proceeds of scams from around the world."