
Blockchain analytics firm Elliptic has revealed that HuiOne Guarantee, a Telegram-based marketplace, has processed over $24 billion in cryptocurrency transactions, surpassing the infamous Hydra marketplace to become history’s largest illicit online platform.
The marketplace, established in 2021, has seen a 51% increase in monthly transactions since July 2024. Initially launched for legitimate car and real estate sales, HuiOne Guarantee has evolved into a hub for various illegal activities, including money laundering, data theft, and human trafficking-related equipment.
Key Developments:
– Over 820,000 users according to UNODC
– Tether froze $29.62 million in connected stablecoins
– Rebranded as Haowang Guarantee following public scrutiny
– Connected to North Korean Lazarus hacking group through HuiOne Pay subsidiary
– Q4 2024 alone saw $4 billion in cryptocurrency transactions
The platform has expanded its operations with new products:
– USDH stablecoin
– Decentralized cryptocurrency exchange
– ChatMe messaging application
Despite claiming to block illegal activities, the marketplace continues to grow, with an additional $6 billion flowing through its gambling-focused Telegram bot. The platform maintains strong connections to Cambodia’s Hun family and operates various scam compounds, including the Golden Fortune Science and Technology Park in Chrey Thom, Cambodia.