HuiOne Guarantee, a Telegram-based online marketplace, has grown to become the largest illicit platform, surpassing $24 billion in cryptocurrency transactions. Initially established in 2021 to facilitate the sale of cars and real estate, it has since evolved into a hub for online fraud, money laundering, and human trafficking activities. The marketplace has been linked to various criminal activities, including scams, the sale of stolen data, and even electrified shackles used against victims trafficked into scam operations. Blockchain analytics firm Elliptic reported that monthly cryptocurrency inflows to the platform have increased by 51% since July 2024, further solidifying its dominance in the illicit online market.
The marketplace, part of the HuiOne Group of companies
The marketplace, part of the HuiOne Group of companies, is suspected of having strong ties to Cambodia’s ruling Hun family. Public disclosures have led the platform to rebrand itself as Haowang Guarantee, attempting to distance itself from its parent company. Despite these attempts, the platform has continued to grow in influence, with cash inflows surpassing $4 billion in the fourth quarter of 2024 alone. This growth highlights the marketplace’s central role in transnational organized crime, as it is used to facilitate online scams, money laundering, and even finance terrorism, according to Elliptic’s findings.
Elliptic also discovered that HuiOne Guarantee’s subsidiary, HuiOne Pay, received over $150,000 in cryptocurrency from an anonymous wallet connected to North Korea’s Lazarus hacking group. This wallet was used to deposit stolen funds from three crypto companies in mid-2023. HuiOne Guarantee’s Telegram bot, which primarily facilitates online gambling, has also seen nearly $6 billion in crypto flow through it, a significant portion of which is suspected to be money laundering. Despite some efforts by the platform to block certain illicit activities, such as human trafficking and firearms sales, the marketplace continues to attract criminals seeking to launder stolen cryptocurrency.
In recent months, HuiOne Group has launched several crypto-related products, including a stablecoin called USDH, a decentralized crypto exchange, and a messaging app, ChatMe. These initiatives appear to be an attempt to reduce the risk of deplatforming by major entities such as Tether or Telegram. However, despite these efforts to diversify its offerings, HuiOne Guarantee remains a major player in the illicit online marketplace scene, facilitating organized crime and continuing to grow its influence in the world of online fraud and money laundering.
