Huione Guarantee, the controversial Telegram-based marketplace now rebranded as Haowang Guarantee, has facilitated at least $24 billion in transactions to date.

As it cements its position as the largest illicit online marketplace ever recorded, Elliptic Research has unveiled alarming insights into the entity and its new crypto offerings.

Huiones Role in Global Online Fraud

According to Elliptics latest report, Huione Group recently launched a range of cryptocurrency products, including USDH, a US dollar-backed stablecoin touted for bypassing regulatory oversight and asset-freezing capabilities. USDH is issued on multiple blockchains, including Ethereum, Binance Smart Chain, and Huiones proprietary Huione Chain.

This move follows the freezing of a Huione-linked wallet by Tether in July 2024 due to suspected ties to the Lazarus Group, emphasizing Huiones motivation to insulate itself from similar actions.

Additionally, Huione has also introduced a decentralized exchange (DEX), a proprietary crypto wallet, and the ChatMe messaging app, which mimics Telegrams functionality. These tools further integrate with Huiones blockchain infrastructure, facilitating transactions and potentially shielding operations from external scrutiny.

As reported earlier, the platform supports fraud operations, including pig butchering scams, by offering stolen data, money laundering services, and scam-enabling technology. Despite attempting to distance itself from its parent company, Huione Group, the marketplace continues to maintain strong ties, as confirmed by public statements.

51% Growth in 6 Months

Huione Guarantee has been accused of enabling transnational organized crime, implicating it in human trafficking and forced labor schemes. Vendors on the platform reportedly operate from compounds where trafficked individuals are exploited, including one notorious site called the Golden Fortune Science and Technology Park.

Despite publicized policy changes prohibiting human trafficking and terrorism-related activities, the marketplaces offerings remain largely unaltered. Cryptocurrency inflows to wallets associated with Huione Guarantee have surged by 51% since July 2024, accompanied by a rise in user numbers exceeding 900,000.

Huione Guarantee continues to grow and our research indicates that it has become a key enabler of cyber scam operations in South East Asia. Perhaps no other single entity bears as much responsibility for the global online fraud epidemic, which has ruined countless lives.