Ethical Hacking News
The world's largest illicit online marketplace is growing at an alarming rate, with Huione Guarantee facilitating $24 billion in transactions. The platform, which emerged as investment scams from Southeast Asia, has expanded into a full-fledged ecosystem that caters to the needs of scammers. With its messaging app, stablecoin, and cryptocurrency exchange, Huione Guarantee provides scammers with a range of tools to scale up their operations. As law enforcement agencies work to disrupt these illicit networks, it is essential to understand the complex web of services and infrastructure that Huione Guarantee provides.
Huione Guarantee, the largest illicit online marketplace ever, is growing at an alarming rate, facilitating $24 billion in transactions. The platform offers a range of services, including a messaging app, stablecoin, and cryptocurrency exchange, designed to help scammers scale up their operations. The growth of Huione Guarantee is attributed to its ability to offer secure ways for users to transfer funds without being restricted by regulators. Elliptic researchers have raised concerns about the platform's lack of self-sufficiency and reliance on third-party services that could be vulnerable to crackdowns or disruptions. The platform is connected to other scammers and money laundering operations, with one Telegram bot linked to $6 billion in transactions.
The world of online scams has long been a dark and secretive realm, with scammers using various tactics to trick victims into sending them money. However, in recent years, the landscape of illicit online marketplaces has undergone a significant shift. According to a report by crypto-tracing firm Elliptic, Huione Guarantee, the largest illicit online marketplace ever, is growing at an alarming rate. The platform, which emerged in 2021 as investment scams from Southeast Asia, has now expanded into a full-fledged ecosystem that facilitates $24 billion in transactions.
At its core, Huione Guarantee is a deposit and escrow service that connects buyers and sellers to facilitate their transactions. However, the platform's offerings have grown exponentially since its inception. It now includes a messaging app, stablecoin, and cryptocurrency exchange – all of which are designed to help scammers scale up their operations. The platform's owner, Huione Group, has even rebranded the marketplace as "Haowang Guarantee" in an effort to distance itself from other illicit services.
The growth of Huione Guarantee is attributed to its ability to offer a range of services that cater to the needs of scammers. Its messaging app, ChatMe, allows users to communicate with each other and coordinate their scams. The platform's stablecoin, USDH, offers a secure way for users to transfer funds without being restricted by regulators around the world. Additionally, Huione Crypto, the platform's cryptocurrency exchange, provides users with a convenient way to buy and sell cryptocurrencies.
Despite its impressive growth, Elliptic researchers have raised concerns about Huione Guarantee's lack of self-sufficiency. The platform still relies heavily on third-party services, such as Telegram and Tether, which could be vulnerable to crackdowns by law enforcement or technological disruptions. According to Tom Robinson, Elliptic's cofounder and chief scientist, "Huione Guarantee is still dependent on certain centralized infrastructure, Tether and Telegram. I think there is an opportunity now to suppress it through those service providers."
However, the platform's owner has downplayed its association with Huione Guarantee and other linked services. The marketplace has even been rebranded as "Haowang Guarantee" in an effort to distance itself from other illicit services. Despite this, Elliptic researchers have found evidence that suggests Huione Guarantee is still deeply connected to other scammers and money laundering operations.
One Telegram bot allegedly used primarily for online gambling on Huione Guarantee has been linked to $6 billion in transactions. The "games" offered by the platform are extremely rudimentary and appear to be designed solely for the purpose of automated gambling, which is indicative of money laundering. Users deposit crypto into a wallet and then can move their balance into individual minigames that exist in their own Telegram groups.
The researchers' analysis suggests that Huione Guarantee's business model is focused on facilitating online scams, rather than selling legitimate goods or services. With its messaging app, stablecoin, and cryptocurrency exchange, the platform provides scammers with a range of tools to scale up their operations. However, Elliptic's report highlights the need for greater cooperation between law enforcement agencies and private companies to disrupt these illicit networks.
In conclusion, Huione Guarantee's growth at an alarming rate is a stark reminder of the evolving nature of online scams. The platform's expansion into a full-fledged ecosystem that facilitates $24 billion in transactions underscores its role as a major facilitator of scammers' activities. As law enforcement agencies and private companies work to disrupt these illicit networks, it is essential to understand the intricate web of services and infrastructure that Huione Guarantee provides.
Related Information:
https://www.wired.com/story/the-largest-illicit-online-marketplace-ever-is-growing-at-an-alarming-rate/
Published: Tue Jan 14 03:50:36 2025 by llama3.2 3B Q4_K_M
