HuiOne Guarantee: A Key Player in Southeast Asia's Cybercrime Scene
Cryptocurrency analysts have recently exposed an online marketplace known as HuiOne Guarantee, a platform extensively utilized by cybercriminals in Southeast Asia, particularly those involved in pig butchering scams. This marketplace is part of the HuiOne Group, a Cambodian conglomerate with ties to Cambodia's ruling Hun family.
What is HuiOne Guarantee?
HuiOne Guarantee, established in 2021, operates through thousands of instant messaging app channels on Telegram, managed by various merchants. While it claims to offer services related to real estate and cars, a significant portion of its activities are aimed at supporting cyber scam operators.
The Scope of Operations
According to Elliptic, a British blockchain analytics firm, merchants on HuiOne Guarantee provide a range of services, including technology, data, and money laundering. These merchants have engaged in transactions totaling at least $11 billion. HuiOne International Payments, another branch of the HuiOne Group, is reportedly involved in laundering scam proceeds on a global scale.
The Dark Side of HuiOne Guarantee
Southeast Asia, including countries like Cambodia, Burma, Laos, Malaysia, Myanmar, and the Philippines, has become a hotspot for pig butchering scams. In these schemes, unsuspecting individuals from Asia and Africa are lured with promises of high-paying jobs, only to find themselves trapped in "scam compounds." These compounds, run by transnational organized crime groups from China, coerce the victims into participating in fraudulent activities.
These scams typically involve creating fake accounts on social media and dating platforms, developing romantic relationships with victims, and ultimately persuading them to invest in non-existent cryptocurrency businesses. The ultimate goal is to siphon off their funds.
The Services Offered
The largest category of merchants on HuiOne Guarantee specializes in moving and exchanging money. Many explicitly offer money laundering services, which include accepting payments from victims worldwide, transferring money across borders, and converting it to other assets such as cash, stablecoins, and Chinese payment apps.
Merchants also advertise software and web development services to create scam crypto investment websites. Additionally, they market tear gas, electric batons, and electronic shackles, which are used by scam compound operators to imprison and torture their workers.
Financial Impact
Data from SlowMist, shared in January, indicates that merchants linked to HuiOne Guarantee have conducted cryptocurrency transactions with a wallet that received over 4.6 million USDT from another wallet connected to the Myanmar Alliance Army. The value of cryptocurrency received by HuiOne Guarantee and its merchants, and the nature of the goods and services they offer, underscore their role as key enablers of cyber scam operations in Southeast Asia.
Conclusion
The revelations about HuiOne Guarantee highlight the complex and far-reaching nature of cybercrime in Southeast Asia. The platform's involvement in pig butchering scams and other fraudulent activities illustrates the significant challenges faced by authorities in combating these crimes. As these scams continue to evolve, it is crucial for individuals to remain vigilant and informed about the tactics used by cybercriminals to protect themselves from falling victim to such schemes.