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The ‘Largest Illicit Online Marketplace’ Ever Is Growing at an Alarming Rate, Report Says
Huione Guarantee, a gray market researchers believe is central to the online scam ecosystem, now includes a messaging app, stablecoin, and crypto exchange—while facilitating $24 billion in transactions.
New findings from the crypto-tracing firm Elliptic show how one of the biggest players in that sphere, Huione Guarantee, has likely enabled $24 billion in gray market transactions—with the volume of activity on the platform rocketing up 51 percent since initial investigations last summer. Expanding the empire means more profits for administrators, but it may also be part of an effort to, according to Elliptic, flood the zone and protect Huione Guarantee from potential law enforcement action or technological crackdowns. A Chinese-language platform that has wider links to businesses associated with the Cambodian ruling family, Huione Guarantee first emerged in 2021 as investment scams—or so-called “ pig butchering ” scams—from Southeast Asia boomed.
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