Cryptocurrency analysts have shed light on an online marketplace called HuiOne Guarantee that is widely used by cybercriminals in Southeast Asia, particularly those linked to pig-killing scams.
“Traders on the platform offer anti-money laundering technology, data and services and have been involved in transactions totaling at least $11 billion.” — Elliptic said in a report shared with The Hacker News.
A British blockchain analytics firm said the marketplace is part of the HuiOne Group, a Cambodian conglomerate with ties to Cambodia’s ruling Hun family, and that another HuiOne business, HuiOne International Payments, is actively involved in laundering the proceeds of fraud around the world .
According to him site, the financial services arm of HuiOne, is said to have 500,000 registered users. It also advertises Alipay, Huawei, PayGo Wallet, UnionPay and Yes Seatel as its clients.
Southeast Asian countries such as Burma, Cambodia, Laos, Malaysia, Myanmar and the Philippines have become nursery for pig slaughter scam in recent years.
In these schemes, unwitting people from Asia and Africa are lured with high-paying jobs in the region only to be trapped by “con artists” who operate transnational organized crime groups being from China and being forced to participate in fraudulent activities.
This involves creating and using fake accounts on social media and dating platforms develop a romantic relationship with victims and eventually convince them to invest in a non-existent crypto business in order to extract their funds.
Established in 2021, HuiOne Guarantee includes a network of thousands of Telegram instant messaging channels operated by various merchants. While Elliptic claims to serve as a marketplace for real estate and cars, Elliptic said most of the products and services offered are aimed at cyber fraud operators.
“The largest category of merchants working under the HuiOne Guarantee are those that offer money transfer and exchange,” the company explained.
“Many merchants clearly offer money-laundering services, including accepting payments from victims around the world, transferring them across borders and converting them into other assets, including cash, stablecoins and Chinese payment apps.”
Traffickers were also found to be promoting software and web development services that facilitate the creation of fraudulent crypto-investment websites used to scam pigs, as well as selling tear gas, electric batons and electronic shackles for use by scam operators to make connections in prison and torture of their workers. .
According to data general SlowMist said earlier this January that merchants associated with HuiOne Guarantee – also called Huiwang Guarantee – were further involved in cryptocurrency transactions with a wallet that received more than US$4.6 million from another wallet linked to the Alliance Army Myanmar.
“The value of cryptocurrency obtained by HuiOne Guarantee and its sellers, as well as the type of goods and services offered, suggest that it is a key enabler for cyber fraud operators in Southeast Asia,” Elliptic said.
