Renowned blockchain analytics firm Elliptic has exposed Huoine Guarantee for facilitating up to $11 billion online scams in South Asia. In a comprehensive report, Elliptic revealed how the Cambodian conglomerate facilitated transactions that are allegedly to money laundering and cyber scams.
Prior to its indictment by Elliptic, Huoine Guarantee has built a name in the digital arena, offering thousands of instant messaging app channels. These channels, according to findings, are operated by different merchants. Elliptic says these merchants provide services that jeopardize the data security of people and enhance cyber scams. This includes selling the personal data of unsuspecting individuals, money laundering, and even developing software applications for fake websites.
Although the platform uses many payment methods like bank transfers, it uses Tether more because it is far easier to track. According to Tom Robinson, the chief scientist at Elliptic, it was possible to quantify the crypto transactions associated with the Huoine Guarantee due to the transparency posture of blockchain technology. Robinson added that the nature of blockchain ensures that crypto transactions can be easily tracked and blocked in a way that may not be possible with other payment mediums.
Elliptic identifies hundreds of addresses linked to Huoine Guarantee
The investigation into Huoine Guarantee has now instigated the labeling of scores of addresses associated with the firm and its merchants. In a statement, Robinson confirmed the identification of hundreds of addresses through Elliptic’s tools. The labeling helps exchanges and trading platforms to properly screen transactions and avert further laundering of illegal funds.
More so, Robinson urges law enforcement agencies to go after those responsible for the cyber scams. In the same vein, the exec advised companies to embrace blockchain analytics to enhance their security. According to him, using blockchain analytics will help them to confirm if they are transacting with Huoine Guarantee or not.
With its cutting-edge technologies, Elliptic seeks to expose all forms of crimes happening in the crypto world. Earlier, it decried the increasing usage of AI for illicit acts, including deepfake scams.
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