Wallets linked to Cambodia’s Huione Guarantee global scam siphon $11 billion: report
  • According to an investigative report, a Cambodian online platform called Huione Guarantee, which is said to have ties to the country’s royal family, is home to merchants who allegedly funded fraudsters and raked in $11 billion worth of cryptocurrency.

  • According to Wired, services offered by the merchant’s customers include creating deepfakes, money laundering, and developing websites for “pig slaughter” scams.

Cambodian online lending platform Huong Guarantee is a marketplace that caters to merchants with ties to the country’s ruling family and who help develop scammers, particularly the pig slaughter scam, and has generated $11 billion. Wired isCiting its own research, Information from crypto tracking firm Elliptic.

According to Wired, the platform, which provides deposit and escrow functionality for peer-to-peer transactions conducted over Telegram’s messaging system, hosts listings that can be used for activities such as deepfake scams, money laundering, and so-called pig slaughter (whereby victims are persuaded to give money to an apparent idol).

Users primarily transact using USDT, the world’s largest stablecoin, which can be tracked on the blockchain, so Elliptic said it can trace the flow of funds.

“I don’t know if Huione Guarantee was originally founded with this in mind, but it has certainly become a marketplace primarily for online scammers,” Tom Robinson, co-founder and chief scientist at Elliptic, told Wired.

According to Elliptic, the Huione Guarantee is ” Huion GroupA Cambodian conglomerate with ties to Cambodia’s ruling Hun family, including Cambodian Prime Minister Hun Manet.

CoinDesk was unable to reach officials from Huione Guarantee. The Telegram address on the website is private, and emails sent outside Cambodian business hours went unanswered. The Cambodian Council of Ministers Secretariat did not respond to an email seeking comment sent outside business hours.

of The website contains a disclaimerAccording to Google Translate, “Huiwang Guarantee does not participate in or understand the customer’s specific business. As a guarantor, we are only responsible for one party receiving the goods and the other party receiving the money.”

In May, companies like Coinbase, Kraken, Meta, Ripple, Tinder, and Hinge joined the list. “Technology to Fight Fraud” Coalition This is to protect our users.

USDT’s popularity as a means of money laundering was cited by the United Nations Office on Drugs and Crime (UNODC) in January, with USDT issuer Tether saying at the time that the stablecoin had been targeted.

When blockchain analysts choose to publish their findings without directly engaging with the parties involved, this “fosters the bystander effect, where individuals – in this case, companies – observe wrongdoing but choose to document it for social media engagement and reputational purposes rather than prioritizing intervention,” a Tether spokesperson said today.

read more: UN Says Tether Plays Major Role in Illegal Activities in East Asia; Stablecoin Issuers Hit Back

Correction (July 10, 13:20 UTC): We make it clear throughout that Activities are provided by third-party merchants through the Platform, and not by the Platform itself.

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