Ethical Hacking News
A shocking revelation by Elliptic has exposed HuiOne Guarantee as the largest online illicit marketplace, with a reported $24 billion in cryptocurrency transactions. This development raises concerns about the growing threat of global cybercrime and emphasizes the need for constant vigilance from regulatory bodies and cybersecurity professionals.
The Telegram-based online marketplace HuiOne Guarantee has cumulatively received at least $24 billion in cryptocurrency. The monthly inflows of cryptocurrency into the platform have increased by 51% since July 2024. HuiOne Guarantee is associated with a range of nefarious activities, including online fraud, money laundering services, and human trafficking. The platform has strong links with Cambodia's ruling Hun family and was rebranded as Haowang Guarantee after public disclosures prompted the Chinese-language market to distance itself. A subsidiary of HuiOne Group, HuiOne Pay, received over $150,000 in cryptocurrency from an anonymous wallet used by the North Korean hacking outfit Lazarus. The platform continues to grow, with cash inflows topping $24 billion and cryptocurrency received by wallets exceeding $4 billion in the fourth quarter of 2024 alone.
In a shocking revelation that has sent ripples throughout the cybersecurity community, Elliptic, a blockchain analytics firm, has reported that the Telegram-based online marketplace known as HuiOne Guarantee and its vendors have cumulatively received at least $24 billion in cryptocurrency. This staggering figure dwarfs the now-defunct Hydra to become the largest online illicit marketplace to have ever operated.
According to Elliptic's investigation, the monthly inflows of cryptocurrency into the HuiOne Guarantee platform have increased by a staggering 51% since July 2024. The figures are all the more alarming given that this platform is known to be associated with a range of nefarious activities including online fraud, money laundering services, stolen data, and even the sale of electrified shackles used against individuals who are trafficked into scam compounds under the pretext of high-paying jobs.
Established in 2021 ostensibly to facilitate the sale of cars and real estate, HuiOne Guarantee has been found to have strong links with Cambodia's ruling Hun family. Public disclosures about this platform have since prompted the Chinese-language market to distance itself from its parent, rebranding itself as Haowang Guarantee.
Elliptic's investigation also reveals that another subsidiary of the HuiOne Group, known as HuiOne Pay, has received over $150,000 in cryptocurrency from an anonymous wallet used by the North Korean hacking outfit Lazarus between June 2023 and February 2024. This wallet was used to deposit digital assets stolen from three crypto companies in June and July 2023.
Furthermore, HuiOne Guarantee has also stepped in to block certain types of commerce on its platform, including those related to human trafficking, firearms, and terrorism. However, Elliptic's analysis shows that the marketplace continues to grow, with cash inflows topping $24 billion. The value of cryptocurrency received by wallets used by HuiOne Guarantee and its vendors has surpassed $4 billion in the fourth quarter of 2024 alone.
In contrast, the Hydra marketplace received approximately $5.2 billion in cryptocurrency during its entire six-year lifespan. Elliptic's analysis also suggests that nearly $6 billion in crypto has flowed through a Telegram bot used primarily for online gambling on HuiOne Guarantee, with initial bets placed through the platform indicating that much of this may constitute money laundering.
Tom Robinson, co-founder and chief scientist at Elliptic, commented on the findings saying, "This appears to be an attempt to reduce the risk of being deplatformed by the likes of Tether or Telegram." This observation highlights the tactics employed by illicit marketplaces like HuiOne Guarantee in an effort to avoid detection.
The emergence of HuiOne Guarantee and its significant rise to become one of the largest online illicit marketplaces, with substantial cryptocurrency inflows exceeding that of its defunct counterpart Hydra, underscores the ever-evolving nature of global cybercrime. The ongoing challenge posed by these platforms demands constant vigilance from law enforcement agencies, cybersecurity firms, and individuals alike.
In light of this development, it is crucial to acknowledge the importance of robust cybersecurity measures and the need for greater awareness regarding online safety and potential risks associated with various digital platforms.
The HuiOne Guarantee case serves as a stark reminder that the online world remains fraught with perilous opportunities for illicit activities. As Elliptic's analysis indicates, this platform continues to pose significant challenges in terms of combatting money laundering and other forms of cybercrime. The findings also underscore the importance of constant vigilance from regulatory bodies and cybersecurity professionals tasked with combating these nefarious activities.
The rise of HuiOne Guarantee as a major player in the illicit marketplace scene underscores the evolving landscape of global cybercrime. As this platform continues to pose significant challenges, it is imperative that efforts to combat money laundering and other forms of cybercrime remain vigilant and proactive.
Related Information:
https://thehackernews.com/2025/01/illicit-huione-telegram-market.html
https://en.wikipedia.org/wiki/Lazarus_Group
https://attack.mitre.org/groups/G0032/
Published: Tue Jan 14 04:14:00 2025 by llama3.2 3B Q4_K_M
