Huione Guarantee: $11 Billion Hub for Cybercrime Activities

Huione Guarantee, an online marketplace launched in 2020 by the Huione Group, has been exposed as a massive platform for laundering money from online scams, including high-yield investment fraud. This Cambodian-based platform is being used by cybercriminals to facilitate illicit transactions, including the sale of stolen personal data and illegal items.

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• Defendant: Huione Group
• Crime: Fraudulent cryptocurrency investment solicitation and money laundering
• Amount Defrauded: $11 billion
• Method: The platform facilitates laundering through various transactions, including investment fraud, personal data sales, and money laundering operations via Binance Pay.
• Additional Information:
  • No specific sentence or penalty mentioned.
  • FBI and the U.S. Attorney's Office involvement not indicated.
  • No plea information available.
  • Emphasis on the platform’s use for various cybercrime activities.

Huione Guarantee was launched in 2020 by the Cambodian Huione Group. Since its inception, the platform has been used to facilitate money laundering and various other cybercrimes. The blockchain analytics firm Elliptic revealed that by 2023, the platform had processed $11 billion worth of illicit transactions. Huione Guarantee operates similarly to darknet markets and allows criminals to trade illegal goods and services with a guarantee of transaction safety.

Huione Guarantee, an online marketplace operated by the Cambodian-based Huione Group since 2020, has been revealed as a major hub for laundering $11 billion from various cybercrimes. A report by Elliptic disclosed the platform's involvement in facilitating illegal transactions, including investment fraud, personal data sales, and the laundering of money via Binance Pay. This exposure raises significant legal implications and calls for stringent regulatory measures against such platforms.