Chinalysis posts its mid-year crypto crime report
Chinalysis increased the use of Chinese-language marketplaces and laundering networks, including Huon Guarantee, which it noted in its mid-year cryptocrime. Report.
News It reported in July that scam operators in Southeast Asia were making extensive use of the Cambodian online market.
Chinalysis says the platform has processed more than $49 billion in crypto transactions since 2021 — more than previously reported.
Historically, the Huione Group conglomerate has provided legal services, acted as a payment system for foreign transfers, provided insurance services and dabbled in the luxury tourism business.
However, Chinalysis said its online platform, Huyeon Guarantee, is widely used for illegal crypto-based activities, including pig butchery, investment fraud and money laundering, and has grown into a diverse ecosystem supporting lucrative criminal activities in Southeast Asia.
Huione Guaranty acts as a peer-to-peer marketplace that connects buyers and sellers, usually by providing Telegram handles of contact points to facilitate transactions. It claims to be a neutral party charging a fee for each transaction, but does not verify the legitimacy of the goods and services listed.
There are thousands of Telegram groups advertising or posting on Hueon Guarantee, each run by different independent traders or affiliates, many of whom may have ties to criminal organizations operating in the area.
News It has previously reported that criminal groups operate facilities in special economic zones in Cambodia and Myanmar, forcing thousands of people to carry out crypto fraud over the internet.
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