Blockchain analysts at Elliptic have identified Cambodia-based marketplace Huione Guarantee as a hub for crypto scammers. The marketplace, linked to the Cambodian ruling family, operates through thousands of Telegram channels and facilitates USDT transfers.
Elliptic’s report reveals that Huione Guarantee has received over $11 billion since 2021, with most transactions linked to illicit activities. The marketplace not only launders money but also sells scam crypto investment software.
Huione Group, which runs Huione Guarantee, also operates Huione Pay, where a director is related to Cambodia’s prime minister and has been suspected of serious crimes. Elliptic’s findings suggest that the group actively launders scam proceeds.
The strategic importance of this discovery lies in its potential impact on global cryptocurrency regulation and law enforcement efforts.
