Researchers reveal that Huione Guarantee, operating primarily on Telegram, has become the largest illicit online marketplace, enabling $24 billion in gray market transactions by connecting scammers with essential services like money laundering, fake social media creation, and SIM card purchasing.
The scam ecosystem has been booming around the world, with criminals honing a handful of strategies to trick victims into voluntarily sending their money into the abyss. And as the cash—or, typically, cryptocurrency—flows in, a set of digital services and infrastructure offerings have increasingly emerged. The scam economy helps criminals with everything from creating fake social media pages to buying SIM cards—and, crucially, with money laundering.
Adding an in-house communication service known as “ChatMe,” a cryptocurrency exchange , and US dollar-backed stablecoin suggests that Huione Guarantee is looking to become a truly full-service, self-sufficient platform. The website for USDH, the Elliptic researchers say, describes it as “not restricted” by regulators around the world and says that it “avoids the common freezing and transfer restrictions” that can be applied to other cryptocurrencies.
Crime ONLINESCAMS DARKWEBMARKETPLACE MONEYLAUNDERING CYBERCRIME CRYPTOCURRENCY
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