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original:Huione: the company behind the largest ever illicit online marketplace has launched a stablecoin
Source: Elliptic Research; Compilation: 0xjs@Bitchain Vision
Key points:
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Huione Guarantee is a Telegram-based market that serves Southeast Asian fraudsters, including those who commit so-called “pig killing” scams.
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Merchants on the platform sell technology, personal data and money laundering services.The transaction volume totaled at least $24 billion, making it the largest illegal online market ever.
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Huione Group recently launched a range of crypto-related products, including US dollar stablecoins, blockchain, cryptocurrency exchanges and messaging applications.
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Elliptic has identified thousands of wallet addresses related to Huione businesses and illegal vendors operating on Huione Guarantee, allowing crypto customers to protect themselves from such activities.
In July 2024, Elliptic revealed that Huione Guarantee is a multi-billion-dollar market for online scammers, including those responsible for so-called pig-killing scams.This Chinese market belongs to Huione Group.Huione Group is a Cambodian business group with connections to the Hun Sen family of Cambodian rulers.
Elliptic researchers have found thousands of vendors on the platform, providing money laundering services, stolen personal data, technology and other items needed to carry out large-scale online scams.We even found shackles used to scam campus workers, many of whom were trafficked to the country.The market appears to be a key enabler for transnational organized crime groups to commit fraud against victims around the world.
Huione Guarantee draws the line between Huione Group
Huione Guarantee tried to distance himself from Huione Group after the Elliptic research report was published.For example, the market has recently been renamed “Haowang Guarantee”.Huione Pay, the payments business of Huione Group, also removed the portion of its website that specifically targeted the market and described Huione Guarantee as a subsidiary.Despite this distance, Huione Guarantee confirmed that Huione Group remains a “strategic partner and shareholder.”
Huione Guarantee announced a name change, but clarified that it is still part of the Huione Group.(Translated from the original Chinese post)
Elliptic’s research and the resulting international attention also seem to have influenced Huione Guarantee’s listing policy.The market has previously stated that it assumes no responsibility for specific goods purchased and sold on its platform.However, after our study was published, Huione Guarantee said that certain types of commercial activities are prohibited, including any activities related to “trafficking in persons,” “guns” and “terrorism.”
Following the release of Elliptic’s research, a notice was added to Huione Guarantee’s website announcing new restrictions on goods and services that can be sold on the market.
Huione Guarantee market continues to grow
However, the goods and services offered on Huione Guarantee seem to be largely unchanged and the business is booming.Our latest analysis shows thatHuione Guarantee and its suppliers have received at least $24 billion in cryptocurrency wallets.Monthly inflows have increased by 51% since our research report was released in July.
The value of cryptocurrency received by Huione Guarantee and its suppliers.These figures include new wallets identified as belonging to Huione Guarantee since our last report.
In addition, nearly $6 billion in cryptocurrency has flowed through Telegram bots primarily used for Huione Guarantee online gambling.Preliminary analysis of betting through the platform shows that most of this may constitute money laundering.
These figures suggest that Huione Guarantee is already the largest online illegal market ever.It dwarfs Hydra, the largest dark web market ever, which has earned about $5 billion in cryptocurrency over a six-year history.This reflects the enormous scale of online fraud compared to illegal drug dealings online, which has been the focus of most dark web markets to date.
Based on the value of known cryptocurrency inflows, the largest online illegal market ever.(The US dollar value of a cryptocurrency transaction is calculated based on the current exchange rate at each transaction)
Pig killing plate
Hundreds of vendors on Huione Guarantee continue to provide illegal goods and services, including money laundering from so-called scams of pig killing.
A recent post by Huione Guarantee vendor, providing money laundering services, laundering pig killing scams targeting victims around the world (“chat”, “Fine chat”, “Fine materials” refers to a type of fraud, including pig killing and its income). (Translated from the original Chinese post)
One of the money laundering services continues to be provided by Huione Pay, another Huione Group company – as stated in our previous research.Another money laundering service provider claims to represent and operate a reported fraud park, Golden Fortune Technology Park.It is reported that Vietnamese, Malaysian and Chinese citizens who were trafficked were forced to conduct online fraud in the Golden Fortune Park.The fleeing workers were reportedly hunted and beaten by security personnel, while many female workers were forced to engage in prostitution and engage in pornography.
(Left) A money laundering service provider claims to represent and operate a reported fraud park, providing money laundering services, and laundering pig killing proceeds.
(Right) The Golden Fortune Park consists of a building with barbed wire in the window, surrounded by a 10-foot-high fence with barbed wire in the top.
Huione’s encryption infrastructure
In other developments,Huione Group recently launched its own encryption and communication infrastructure, which may reduce reliance on third-party services such as Telegram and USDT stablecoins.
September,Huione launches USDH, a US dollar-backed stablecoin.Its website says that the advantage of USDH is that it “avoids common freezing and transfer restrictions in traditional digital currencies” and that “USDH is not restricted by traditional regulatory agencies.”
USDH stablecoin promotes its lack of regulatory oversight and no asset freezes as its main advantages.
Other stablecoins, such as Tether’s USDT, have built-in features that allow token issuers to “freeze” their accounts if users engage in illegal activities.In fact, one of Huione Pay’s accounts was frozen by Tether in July 2024.It seems to be because the wallet received funds related to the burglary of the North Korean Lazarus Group, not because it was related to Huione Guarantee.
Huione Guarantee currently uses USDT as a payment mechanism, and part of the motivation for launching USDH may be to reduce the risk of similar asset freezing.The market has recently begun promoting stablecoins to its users.
USDH stablecoin is promoted by Huione Guarantee.
So far, USDH has been on Ethereum, BSC and Tron blockchains as wellHuione’s own recently launched Huione Chain (also known as Xone Chain)Published on.The project attempts to raise funds through an initial token offering (ICO), involving the sale of the blockchain’s native token “HC”.
In addition to Huione Chain, Huione Group has launched its own crypto wallet software and a decentralized exchange (DEX), allowing USDH to be exchanged for other crypto assets.
ChatMe Message Application
Huione Guarantee is currently operating through the channel network on Telegram.Telegram faces increasing pressure to regulate its platform and prevent it from being used for illegal purposes, which ultimately led to the arrest of its founder, Pavel Durov.
Huione’s “ChatMe” messaging app is available online on Apple AppStore
In August, Huione Group launched ChatMe, a messaging app that replicates many of Telegram’s features.ChatMe is available in both Apple and Google App Stores, allowing group chats and bots to be created, Huione Guarantee uses this type of bot to run its market.ChatMe is also integrated with Huione Chain for payments and other features.
Huione Crypto Exchange
Huione Crypto was also launched in September, allowing users to trade between USDH stablecoins and crypto assets such as Bitcoin, Ethereum, TRX, SOL and Dogecoin.Cambodia-based Huione Pay has been offering crypto assets for some time, but Huione Crypto is Huione Group’s first dedicated cryptocurrency exchange.Headquartered in Poland, Huione Crypto can serve users throughout the EU and provide Chinese support.
Huione Guarantee continues to grow, and our research shows that it has become a major promoter of cyber fraud operations in Southeast Asia.
