Summary
1. Elliptic, a British blockchain analysis company, has exposed HuiOne Guarantee as a marketplace involved in a wide range of cryptocurrency scams.
2. The platform is used by cybercriminals in Southeast Asia, especially Cambodia, for online scams like money laundering and pig butchering scams.
3. HuiOne Guarantee is linked to Hun To, the cousin of Cambodia’s current Prime Minister, Hun Manet, complicating investigations and risking impunity.
4. The marketplace involves Chinese transnational organized groups, operating illicit activities across Southeast Asian countries.
5. HuiOne International Payments, a part of the HuiOne Group, is globally implicated in laundering proceeds from these scams.
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When I sat down with Thomas Chay, a blockchain analyst who has been closely following the developments surrounding HuiOne Guarantee, I could sense the gravity of the situation through his composed yet concerned demeanor. Thomas has been working with Elliptic, the British blockchain analysis company, to uncover the layers of this intricate web of deceit.
“It feels like peeling an onion,” Thomas began, his voice steady but tinged with frustration. “Each layer we uncover reveals another, more complex layer underneath.”
I asked him to walk me through the initial discovery. “We first stumbled upon HuiOne Guarantee while analyzing some suspicious cryptocurrency transactions,” he explained. “It led us to a marketplace that claimed to deal in real estate and cars, but a deeper dive revealed its true nature.”
HuiOne Guarantee, as Thomas described it, is a platform that operates thousands of channels on Telegram, each managed by different merchants. “These merchants offer services ranging from basic money transfers to sophisticated money laundering operations. It’s a one-stop-shop for cybercriminals,” he added.
The platform is deeply intertwined with the HuiOne Group, a Cambodian conglomerate. “Here’s where it gets messy,” Thomas said, leaning forward. “One of the units linked to crypto fraud is headed by Hun To, the cousin of Cambodia’s Prime Minister, Hun Manet. This connection makes our job incredibly challenging because it introduces a layer of political complexity.”
Thomas elaborated on the role of Chinese transnational organized groups in this illicit business. “These groups are incredibly resourceful and exploit regional conflicts, corruption, and lawless special economic zones to their advantage. They are the masterminds behind schemes like pig butchering, where they ‘fatten up’ victims with fake investment programs before stealing their accumulated wealth.”
The impact of these scams is staggering. “We’re talking tens of billions of dollars stolen from millions of victims globally,” Thomas sighed. “And it’s not just digital theft. In some cases, people are lured to these regions with promises of well-paying jobs, only to be trapped in scam compounds and subjected to inhumane conditions.”
But how does HuiOne Guarantee sustain such a vast operation? Thomas pointed to its financial services arm, HuiOne International Payments. “This arm supposedly has 500,000 registered users and claims to count big names like Alipay and Huawei among its customers. It’s a façade that masks its true purpose—laundering money on a global scale.”
I inquired about the challenges of bringing down such a network. “The sheer scope and sophistication of their operations make it incredibly difficult,” Thomas admitted. “They use a variety of methods to move and exchange money, including converting it to cash, stablecoins, and other assets. Tracking these transactions is like chasing shadows.”
Elliptic’s report indicates that merchants associated with HuiOne Guarantee have carried out substantial cryptocurrency transactions. “One of the wallets linked to these merchants received over 4.6 million USDT from another wallet tied to the Myanmar Alliance Army,” Thomas said. “These are not isolated incidents; they are part of a coordinated effort to enable cyber scam operators in Southeast Asia.”
Before wrapping up our conversation, I asked Thomas about the future. “What needs to happen for these criminals to be brought to justice?” He paused, contemplating the enormity of the task ahead. “International cooperation is crucial. We need governments, law enforcement agencies, and financial institutions to work together. Transparency and accountability must be enforced, especially when high-profile political figures are involved.”
As I left the interview, I couldn’t help but feel a mix of admiration and concern. Admiration for professionals like Thomas who tirelessly work to expose these dark corners of the digital world, and concern for the countless victims who fall prey to these sophisticated scams. The fight against cybercrime is far from over, but with dedicated efforts from experts and international collaboration, there’s hope for a safer digital future.
Sarah Jenkins
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