Cyberslave and Trafficker Market Uncovered: Suspicious Transactions Worth  Billion
2 mins read

Cyberslave and Trafficker Market Uncovered: Suspicious Transactions Worth $11 Billion


The cryptocurrency world is once again at the center of a controversial scandal. Cambodian marketplace Huione Guarantee is being accused of being an epicenter of money laundering and other crimes, according to a report published Wednesday by blockchain analysis experts Elliptic.

$11 billion in suspicious transactions

Since their establishment in 2021, cryptocurrency wallets affiliated with Huione and its independent merchants have received at least 11 billion dollarsa value that Elliptic considers to be a conservative estimate. While not all of these transactions can be directly linked to fraudulent or illegal activity, the nature of the transactions on Huione Guarantee suggests that most of these payments are linked to such activity.

Payment methods used

Elliptic revealed that stablecoin Tether (USDT) ) is one of the most popular payment options on the platform, which also supports payment apps and bank transfers. This facilitates quick transactions and, according to analysts, potential money laundering.

The Crime Market

In a six-page document, Elliptic investigators allege that the supposedly “neutral” Huione Guarantee marketplace had turned into a criminal holding company. Because sellers operated their own instant messaging channels, Huione says it has no insight into “specific customer actions” or the nature of money flows on the platform.

Ties with the Cambodian government

Another disturbing aspect is the alleged links between Huione’s executive directors and the Cambodian Prime Minister, Manet the Hun. This connection could further complicate investigations and legal actions against the company.

Reports on specific crimes

Among the most serious allegations, Elliptic says that some traders are clearly offering money laundering services, sexual abuse schemes and malware. Several screenshots of conversations between traders and customers show people eager to launder the proceeds of a scam known as “pig slaughter,” an investment fraud that uses social engineering to siphon funds from victims.

Cheater Unions

The report also includes reports of electric collars being used to catch exploited workers in “scams” ​​in countries including Myanmar, Laos and Cambodia.US Institute of Peace discovered that these industrial fraud camps, based on forced labor, were spreading rapidly throughout Asia.

Resistance to blockchain censorship

Even though censorship-resistant blockchains facilitate global crime, Elliptic’s investigators note that “investigators and compliance teams are able to proactively detect and disrupt USDT payments using blockchain analytics.” The company has identified and flagged “hundreds of cryptocurrency addresses” controlled by Huione companies, allowing exchanges and other businesses to review these transactions to prevent further money laundering.