Connection Between Cambodian Elite and $11 Billion Crypto Scam Uncovered in Online Marketplace
Online marketplace Huione Guarantee has facilitated at least $11 billion in crypto scam transactions in Southeast Asia, according to blockchain analytics firm Elliptic.
Operating like a darknet marketplace, Huione uses thousands of instant messaging channels for transactions, primarily with USDT stablecoin. Run by the Cambodian conglomerate Huione Group, it engages in scams such as “pig butchering,” Ponzi schemes, and impersonation frauds, often involving laundered money. Elliptic identified crypto addresses linked to these activities to aid law enforcement.
Huione’s operations include severe human rights abuses, with trafficked workers forced into scams under brutal conditions. The true scope of these illicit activities is likely larger due to incomplete data.
Clever Robot News Desk 12nd July 2024
