Huione Guarantee, a gray market researchers believe is central to the online scam ecosystem, now includes a messaging app, stablecoin, and crypto exchange—while facilitating $24 billion in transactions.
New findings from the crypto-tracing firm Elliptic show how one of the biggest players in that sphere, Huione Guarantee, has likely enabled $24 billion in gray market transactions—with the volume of activity on the platform rocketing up 51 percent since initial investigations last summer. At the same time, the platform is offering more services than ever, including launching its own messaging app, stablecoin, and cryptocurrency exchange.
In its work last year, Elliptic found that in the first three years of its operation, Huione Guarantee sellers moved around $11 billion on the platform. Less than a year later, the researchers now estimate that cumulative total to be $24 billion. The platform’s various expansions are all contributing to the increase, but ultimately its escrow and transfer services are the core service.
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