Inside the $49 Billion Crypto Scam Network: Huione Group and Huione Guarantee

A recent report reveals that a Cambodian conglomerate, Huione Group, has allegedly been involved in processing over $49 billion in cryptocurrency transactions since 2021 through its online marketplace, Huione Guarantee. The platform is linked to cyber scam operations, including a notorious "pig butchering" scam network, highlighting significant risks to investors and the widespread impact of these scams in Southeast Asia.

Huione Group, a Cambodian conglomerate, is under scrutiny for allegedly managing over $49 billion in crypto transactions tied to scams and money laundering since 2021. Utilizing its platform, Huione Guarantee, the company is linked to a network of illicit activities across Southeast Asia, including the infamous pig butchering scams. This report underscores the persistent and evolving threats posed by such operations, highlighting the need for greater vigilance and regulatory action.

• Defendant: Huione Group, Huione Guarantee, KK Park
• Crime: Fraudulent cryptocurrency transactions, pig butchering scams, money laundering
• Amount Defrauded: Over $49 billion in cryptocurrency transactions since 2021
• Method: Huione Guarantee acted as a marketplace connecting buyers and sellers using Telegram handles, allegedly without verifying the legitimacy of goods or services; involved in pig butchering scams and transactions with illicit parties
• Sentence: No verdict or sentence reported yet
• Additional Penalties: None reported
• Investigating Authorities: Blockchain analysis firms Chainalysis and Elliptic
• Plea: Not applicable
• Prosecutor's Statement: None provided in the report

The scam activities involving Huione Group and Huione Guarantee have been ongoing since at least 2021. The report notes significant crypto transactions occurring on Ethereum and TRON platforms, with billions in inflows tied to the fraudulent marketplace. In 2023, notable wallet connections to KK Park and other illicit entities were identified, consolidating funds from various scams. By 2024, new wallets and scams continued to emerge, indicating evolving criminal strategies and ongoing threats.

This article explores the extensive fraudulent activities involving Huione Group and its subsidiary, Huione Guarantee, which have allegedly processed over $49 billion in cryptocurrency transactions since 2021. The company is tied to a complex network of cyber scams, including the notorious "pig butchering" schemes, and has used its platform to facilitate transactions linked to illicit activities. Researchers from Chainalysis and Elliptic have highlighted how Huione Guarantee served as a critical hub for these scams, allowing for the transfer of illicit funds through various criminal enterprises across Southeast Asia. The ongoing civil conflicts in Cambodia and Myanmar have enabled these scams to flourish in unregulated areas, presenting significant risks to global investors and challenging law enforcement agencies.