The Telegram-based online marketplace, known as HuiOne Garantie, and its suppliers received at least $24 billion in cryptocurrency in total, eclipsing now-defunct Hydra to become the largest illicit marketplace in line never operated.
The figures, published by blockchain analytics firm Elliptic, show that monthly flows have increased by 51% since July 2024.
Huione Garantie, part of the HuiOne group of companies, was thrust into the spotlight mid last year when it was revealed as a hub for online fraudsters, advertising money laundering services money, stolen data and even electrified chains intended to be used against trafficked people. the scam is made up under the pretext of well-paid jobs to carry out romance scams. This development led cryptocurrency company Tether to freeze $29.62 million of its market-connected stablecoin.
Created in 2021 apparently to facilitate the sale of cars and real estate, it is said to have close ties to Cambodia’s ruling Hun family. According to a report published by the United Nations Office on Drugs and Crime (UNODC), the platform has more than 820,000 users.
“The market appears to be a key enabler for transnational organized crime groups that commit scams against their victims around the world,” Elliptic said in a new report shared with The Hacker News.
Public disclosures regarding HuiOne Garantie and HuiOne Pay, another subsidiary of the HuiOne Group, have since prompted the Chinese-speaking market to distance itself from its parent company, renaming itself Haowang Garantie.
It is worth noting that HuiOne Pay was identified as having received over $150,000 in cryptocurrency from an anonymous wallet used by North Korean hacking company Lazarus between June 2023 and February 2024. The wallet was used to deposit stolen digital assets from three crypto companies in June and July. 2023.
HuiOne Garantie, which previously claimed it took no responsibility for goods and services advertised on the platform, has also intervened to block certain types of commerce, including those related to human trafficking, firearms and terrorism.
However, Elliptic’s analysis shows that the market continues to grow, with inflows exceeding $24 billion. The value of cryptocurrency received by wallets used by HuiOne Garantie and its providers exceeded $4 billion in the fourth quarter of 2024 alone. In contrast, the Hydra market received approximately $5.2 billion in crypto -currency during its six years of existence.
“In addition, nearly $6 billion in crypto passed through a Telegram bot used primarily for online gambling on HuiOne Guarantee,” the company said. “An initial analysis of bets placed via the platform indicates that a large proportion of these could constitute money laundering.”
Elliptic’s investigation also revealed that HuiOne Pay is one of several providers offering services to launder the proceeds of romance scams. Another vendor identified by the company claimed to operate out of the Golden Fortune Science and Technology Park in Chrey Thom, Cambodia, a fraudulent complex linked to online scams.
In recent months, HuiOne Group has also launched a range of crypto-related products, including a US dollar-backed stablecoin called USDH, a decentralized crypto exchange that allows users to trade USDH for other cryptocurrencies and a messaging app called ChatMe for Android and iOS. .
“This appears to be an attempt to reduce the risk of being deplatformed by companies like Tether or Telegram,” Tom Robinson, co-founder and chief scientist of Elliptic, said in a statement.
