Huione Guarantee exposed as a $11 billion marketplace for cybercrime

According to researchers, the ostensibly genuine online marketplace Huione Guarantee is being exploited as a vehicle for money laundering from online fraud, including “pig butchering” investment fraud.

A victim of a pig butchering scam is duped into gradually sending money through phony websites with impressive investment returns. When victims attempt to withdraw money, the fraud is discovered, and by then, they have typically lost a sizable sum of money.

The Huine Guarantee merchants have transacted at least $11 billion, according to a report from the blockchain analytics company Elliptic. Some of these transactions have been connected to different forms of cybercrime, such as setting up websites for investment fraud, the sale of personal data, and money laundering read more about Huione Guarantee exposed as a $11 billion marketplace for cybercrime.

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