Is Huione Guarantee Enabling Money Laundering on Large Scale?

• 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 released a report accusing the Cambodia-based marketplace Huione Guarantee of enabling money laundering and other illicit activities. Since its inception in 2021, crypto wallets associated with Huione Guarantee and its independent merchants have reportedly received over $11 billion, which is suspected of involving fraudulent transactions.

Elliptic’s report highlights that Tether‘s stablecoin is a popular payment method on the platform. There were also other payment apps and bank transfers. The report claims that the Huione Guarantee is a part of the larger Huione Group. It operates as a neutral platform but has evolved into a hub for criminal activities. 

Notably, Huione Group is involved in various sectors across Southeast Asia, including insurance, airlines, and real estate. It also reportedly has ties to Cambodia’s Prime Minister, Hun Manet.

Can Elliptic Claims Be True?

Despite Huione Guarantee’s assertion that it cannot monitor customer transactions due to merchants using their messaging channels, Elliptic argues that the platform is complicit in facilitating scams. 

Moreover, the report includes evidence of merchants offering money laundering services and tools for scams, including software for fraudulent investment websites and equipment used to imprison. And torture workers in scam compounds.

Summarising, Elliptic’s analysis indicates that Huione Guarantee and its merchants have received significant sums via cryptocurrency transactions. The firm 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 laundering.

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