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Update: Since the publication of this report, ealyiptic has published further research to the guarantee of Huion. See: “Huione: The company behind the largest illegal internet market launched Stablecoin”.
- The Huione guarantee is an online market that has used a widely used fraud in Southeast Asia, including those involved in the so-called “pigzo”. The merchants on the platform offer technology, money laundering data and business laundry services and have been engaged in the amount of at least 11 billion dollars.
- Huione guarantee part of the Huion Group, Cambodian conglomerate with relationships for the ruling family in Cambodia.
- Our research indicates that another Huion’s job is actively involved in washing revenues from fraud from all over the world.
- Elliptical customers can be protected from exposure to this activity using our cryptoasset transaction projection and investigative solutions.
Online scams led to tens of billions of dollars stolen from millions of victims around the world. They may be the most famous that the swine bullet for interference, where fraudsters develop relations with victims and eventually assure them to invest in the investment schema in Sham. Others include Ponzi schemes, false representation of family members and sexurtio.
According to the US Institute’s Recent Report, many of these fraud are transnational groups of crime that come from China and work out of “fraud” across Southeast Asia, especially Myanmar, Laos and Cambodia. The range of factors led to the proliferation and success of these criminal groups, including regional conflict, corruption and growth without special economic zones. “
(Left) SCAM compound in Sihanoukville, Cambodia, where the authorities said that they found evidence of human trafficking, kidnapping and torture (source). (Right) The fraud switch was beaten with an electrical bat (source).
Those who are cheated are not the only victims. Reports suggest that fraudsters individually resemble prisons, acting as well as jobs and accommodation blocks and surrounded by high prickly wires and actively patrol security guards. They are estimated that the house of hundreds of thousands of workers, many of whom were efficiently enslaved. Lure the promise of highly paid work, young men and women from China, Vietnam, Philippines, And many other countries are victims in the region and forced to implement fraud allegedly held against their will and exposed to torture, some of these forced workers resort to suicide or die in suspicious circumstances.
The scal of these cyber fraud has increased dramatically in the last five years. This can be partly due to the appearance of merchants that provide money laundering services, as well as software for software, data and telecommunications, and increasingly disable the fraudsters to work more efficiently and expand their reach.
Huione warranty
Elliptical researchers are illuminated in a huge ecosystem of the Chinese language and the market known as Huione guarantee (“汇旺担保”). It consists of a network of thousands of applications Instant Messaging App Channel, each managed by a different trader. Huione guarantee manages the platform and acts as a gantor or escrow supplier for all transactions, helping prevent fraud. Payments are advertised as accepted primarily in USDT STABCOINA, but applications for payment and bank transfers are used. The transparency of Kryptoasca allows us to monitor and follow many plans of stable systems – something that is not possible with other payment methods.
Huione guarantee argues that “does not participate in or understand the specific business of customers” and cannot verify “origin of funds or goods”
Despite active involvement in transactions, Huion guarantees claims that a neutral platform is without liability for what is sold. It was founded in 2021. allegedly as a market for legitimate goods, including real estate and cars. However, most goods and services in the offer seem to be targeted today on the Cyber fraud.
The largest category of traders operating on the guarantee of Huion are those who offer to move and exchange money. Many merchants expressly offer money laundering services, including acceptance of payments from victims around the world, passing it over boundaries and turns it into other assets, including cash, stable applications and Chinese payment applications. Most determine the types of fraud continues to be ready to wash, based on perceived risks from funds frozen by financial institutions or law enforcement.
(Top) Huione guarantees traffickers for washing revenue from fraud, including pork mistakes. (Lower) Another trader specializing in washing Sexortica fraud (“se 敲” – translated here as “se knock”)
The second category of traders offers software and web development services. This includes the creation of covering investment websites for investments in “pork brooms”, designed to sorrow victims to deport cryptoturts, which is then stolen. Personal data include contact information, telecommunications equipment and software “AI Face” are also available for purchases, which use fraudsters that use targeting and communicate with victims.
Huione guarantees traders offer web development sites on cryptoturrence in pork MetAls (left), personal data of individuals around the world for changing software and AI to use in fraud (right).
Various other products are available, which and deceit services, including equipment allegedly used fraud operators to close and torture their workers. Our researchers have identified advertisements for tear gas, electric sticks and electronic shocks that give an electric shock if the holder leaves a predetermined area. Traders relate to “preventing flees” and control “white dogs”. Those working within SCAM compounds are usually called “dogs” or “dog passengers”.
Advertisements on Huion Warranty for Electric Shocking Fittings (left) and electrical sticks (right), which traders suggest that they will be used on SCAM workers.
Unlike non-Crypto payments used on these platforms, which do not benefit from the transparency of blockchain, investigators and compliance teams can proactively detect and disrupt payments for USD using Blockchaine analytics. This protects them from exposure to this type of crime and eventually deprives income fraud. It also offers insight into the scale of transaction flows.
Elliptical analysis shows that cryptorurfing wallets used by Huion guarantees and its traders received more than $ 11 billion from 2021. years. The total value is likely that there is greater because there is significant trading trade, and information about their crypto wallets are not always available.
Not all of these transactions are definitely associated with fraud or other illegal activities, as this would require perfect knowledge of the source of funds or intended use of products purchased products. However, the nature of products and services advertised by these traders and their open readiness to facilitate fraud, provide very strong indicators that the vast majority of these payments relate to illegal activity. The manual analysis of thousands of messages across the Guarantee Platform Huiona provided us with huge evidence that its prevalent role is acting as an illegal market.
Value from USDT received by Kryptoturchine wallet known to use Huion guarantees and its merchants. These figures should be considered the lower limits of the true volume of the platform transactions.
Huione Group
Huione warranty has many characteristics of the dark network on the market; However, it is managed by a large Cambodia conglomerate: Huione Group. The Group manages payment and foreign currency business, Huione Pay, and has interests in insurance, airlines and real estate. Huione is a guarantee closely related to Huion salary, prominent, which is prominently on the latter website (this page has been removed from the Huione Pay website shortly after the publication of this article).
One of the director of Huiona salary is Hun, a cousin of the current Cambodic Prime Minister, Hun Manet. Hun allegedly suspected of heroin trade and money laundering Australian police. It is also connected to Chinese organized crime and fraud.
Our findings indicate that Huione Group does not only facilitate Cyber Cheater by operating the Huione guarantee market, but also suggests that one of its branches is actively involved in washing these fraud. Huione International payments, part of Huiona salary, acts as a trader on Huione guarantee, offering to resolve revenues from the fraud from all over the world. When discussing the US Securities, Huion International payments offer to accept revenues from “fine chat”, which refers to the category of fraud that includes a pig for a bullet, as well as continuing other types of fraud. In one recent discussion in his chat group, a representative1 The international payments of the Huion seem to be accepted to deal with two million dollars from the fraud, in turn for a fee of 10.5%.
User Guarantee Huione Search for Help to wash 2 million dollars from “Quick kills”, ie. Fraud. Representative of the International Payment of Huion, part of Huiona pays, reacts and explains that their service is managed by Huion.
Fight against illegal use of kriptoasca
The value of the cryptoturchinka received by Huione guarantee and its merchants, and the type of goods and services offered, suggest that it is a key enabler Cyber fraud in Southeast Asia. Our evidence also indicate that Huione International payments (part of Huiona salary) actively involved in washing revenues from fraud from all over the world.
After our investigations, hundreds of cryptoturnines that control Huion companies and use traders operating on Huione guarantee are marked in elliptical tools.
Exchanges and other cryptoascare companies can screens these transactions to connect to background notors in Huion, helping to ensure that these funds cannot be followed. StableCoin operators can also work on blocking this abuse of their cryptoason through these wallets.
The implementation of the law can also use our investigative tools to find these payments and achieving responsibility for these fraud. Crypto is a weak point of those scams that use it, which can be used to assist in bringing responsibility to justice.
Contact us if you want to learn more about how to protect work from exposure to this entity.
