Security News > 2024 > July > HuiOne Guarantee: The $11 Billion Cybercrime Hub of Southeast Asia

Cryptocurrency analysts have shed light on an online marketplace called HuiOne Guarantee that's widely used by cybercriminals in Southeast Asia, particularly those linked to pig butchering scams.

The British blockchain analytics firm said that the marketplace is part of HuiOne Group, a Cambodian conglomerate with links to Cambodia's ruling Hun family and that another HuiOne business, HuiOne International Payments, is actively involved in laundering scam proceeds globally.

HuiOne Guarantee, established in 2021, comprises a network of thousands of instant messaging app channels on Telegram that are run by different merchants.

"The largest category of merchants operating on HuiOne Guarantee are those offering to move and exchange money," the company explained.

According to data shared by SlowMist earlier this January, merchants associated with HuiOne Guarantee - which is also referred to as Huiwang Guarantee - are said to have further engaged in cryptocurrency transactions with a wallet that received more than 4.6 million USDT from another wallet linked to the Myanmar Alliance Army.

"The value of cryptocurrency received by HuiOne Guarantee and its merchants, and the type of goods and services offered, suggest that it is a key enabler of cyber scam operators in Southeast Asia," Elliptic said.

News URL

https://thehackernews.com/2024/07/crypto-analysts-expose-huione.html