Cryptocurrency analysts have uncovered the HuiOne Guarantee marketplace, which is being used extensively by cybercriminals in Southeast Asia.
This platform is popular, especially among those involved in “Pig Butchering” type scams.
“Merchants on the platform offer technology, data, and services for money laundering, participating in transactions exceeding $11 billion,” Elliptic said in a report published on The Hacker News.
Read also: DMM Bitcoin warns that hackers stole 300 million in Bitcoin
The British blockchain analytics firm said the market is part of the HuiOne Group, a Cambodian conglomerate with diverse operations and ties to Cambodia’s ruling Hun family. It also noted that another company in the group, HuiOne International Payments, is actively involved in money laundering from global fraud.
According to its website, HuiOne's financial arm says it has 500,000 registered users. Its clients include Alipay, Huawei, PayGo Wallet, UnionPay and Yes Seatel.
Southeast Asian countries, such as Burma, Cambodia, Laos, Malaysia, Myanmar and the Philippines, have recently emerged as hotbeds of “Pig Butchering” fraud.
In these schemes, unsuspecting individuals from Asia and Africa are lured with promises of high-paying jobs, only to end up trapped in “scam gangs” run by international organized crime groups based in China and forced to participate in malicious activities.
This includes creating fake accounts on social media and dating platforms, using them to develop romantic relationships with victims, with the aim of deceiving them and extracting their money.
HuiOne Guarantee, founded in 2021, includes a network of thousands of Telegramrun by merchants. While it claims to operate as a marketplace for real estate and cars, Elliptic said the majority of the goods and services offered are aimed at hackers committing cyber fraud.
"The main category of merchants operating on HuiOne Guarantee are those offering money transfer and exchange services," the company clarified.
See more: Bitcoin makes impressive recovery
“Many merchants offer money laundering services, such as accepting payments from victims worldwide, transferring funds across borders, and converting them into other assets, such as cash, hard currencies, and Chinese payment apps.”.
Software and web development vendors have also been identified that facilitate the creation of fake cryptocurrency investment websites, which are used in “pig butchering” scams. In addition, there have been reports of the trafficking of tear gas, stun guns, and electronic devices, which are used by cybercriminals to imprison and torture their victims.
🔒 Protect your privacy with Proton VPN
Swiss VPN from the creators of Proton Mail — strict no-logs policy, strong encryption, and built-in NetShield that blocks ads, trackers, & malware.
- ✔ No-logs, based in Switzerland (except 14-Eyes)
- ✔ NetShield: blocks ads, trackers & malicious domains
- ✔ Covers all devices — free version available
The link is an affiliate link — SecNews may receive a commission at no additional cost to you. It does not affect the independence of our article writing.
According to data published by SlowMist earlier in January, traders affiliated with HuiOne – also known as Huiwang Guarantee – allegedly transacted cryptocurrency wallets that received over 4.6 million USDT from another wallet affiliated with the Myanmar Alliance Army.
Read more: LastPass: Encrypt URLs in vaults for greater security
“The value of the cryptocurrency received by HuiOne Guarantee and its partners, as well as the type of goods and services they offer, indicate that they play a significant role in facilitating cyber threats in Southeast Asia,” according to Elliptic.
Source: thehackernews
