Cryptocurrency analysts expose new fraudulent scheme for a record $ 49 billion in digital tokens

According to a new study by analytics company Chainalysis, the Huione Guarantee cryptocurrency platform has become a center of cybercrime in Asia and is closely linked to the Cambodian government. Since 2021, more than $ 49 billion in digital tokens have passed through the crypto platform. Huione Guarantee plays a key role in cyber fraud by acting as a guarantor for transactions between criminals, especially in the context of popular schemes such as so-called «pig butchering».

Pig butchering is a type of long-term fraud involving fake investments. As part of this scheme, the fraudster gradually involves the victim in investments, which involves long-term communication and gradual contributions from the victim (ed.).

The Huione Pay platform, associated with Huione Guarantee, is actively used on the Ethereum and TRON blockchains, through which billions of dollars have passed. Many of these transactions have been linked to fraudulent schemes, stolen funds, and other illegal activities, including by casinos and cybercrime groups in Southeast Asia.

The study also found that the platform facilitates the activities of entire criminal networks by providing access to tools for fraudulent transactions and even facial recognition systems. Huione Guarantee has become a hub for many cybercriminals, and its leadership, including relatives of the Cambodian prime minister, has long been known for its links to organized crime.

Given the rise of new fraudulent schemes, it is important to note that many criminal groups continue to use old addresses for money laundering, making it difficult to fight cybercrime.