July 10, 2024 at 04:41PM
Online marketplace Huione Guarantee is allegedly aiding money laundering for online scams, particularly “pig butchering” investment fraud, according to researchers. They found that at least $11 billion of transactions on the platform were linked to cybercrime, including investment fraud, data sales, and money laundering. The platform’s lack of moderation and secure payment system provide fertile ground for cybercriminals. Elliptic suggests that Huione Guarantee operates similarly to darknet markets, implicating its staff in money laundering operations.
It sounds like the meeting notes are discussing the findings of a report from Elliptic blockchain analytics firm regarding the platform Huione Guarantee being used for money laundering and various types of cybercrime. The report highlights how the platform’s lack of moderation and its payment framework has created an environment for cybercriminals to buy and sell items/services related to illegal activities. Additionally, the report implicates Huione Group, the owner of the platform, in actively facilitating cyber scams and laundering proceeds of these scams. The report also mentions specific instances where representatives of Huione International Payments agreed to handle money laundering processes for a commission. Furthermore, the blockchain analytics company has collected cryptocurrency addresses controlled by Huione companies and merchants on Huione Guarantee, which can be used by crypto exchanges and law enforcement to track payments and block the laundering of illicit funds on the platform.