The online marketplace known as HuiOne Guarantee has emerged as the largest illicit marketplace in history, receiving over $24 billion in cryptocurrency from its vendors. This surpasses the operations of the now-defunct Hydra marketplace. Elliptic, a blockchain analytics firm, reported a 51% increase in monthly inflows since July 2024.
HuiOne Guarantee, part of the HuiOne Group, gained notoriety for facilitating online fraud and money laundering services. It was also linked to scams involving stolen data and human trafficking victims. The marketplace’s connections to Cambodia’s ruling Hun family have raised concerns about its involvement in transnational organized crime activities.
Public disclosures about HuiOne Guarantee prompted the Chinese-language market to rebrand itself as Haowang Guarantee, distancing itself from its parent company. Despite claims of blocking certain illegal activities, such as human trafficking and terrorism-related commerce, Elliptic’s analysis shows continued growth in the marketplace, with cash inflows exceeding $24 billion.
Furthermore, HuiOne Pay, a subsidiary of HuiOne Group, was found to receive significant amounts of cryptocurrency linked to North Korean hacking activities. The marketplace has also expanded its offerings to include crypto-related products like a stablecoin and a decentralized crypto exchange. According to Elliptic, these new products may be an attempt to mitigate risks of being deplatformed by major companies like Tether or Telegram.
In conclusion, the rise of HuiOne Guarantee as the largest illicit marketplace highlights the challenges posed by online scams and money laundering in the cryptocurrency space. Despite efforts to block illegal activities, the marketplace continues to attract billions in cryptocurrency inflows, raising concerns about its impact on global cybersecurity and financial systems.
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