Elliptic analysts uncovered illegal operations of Huione Guarantee exchange

According to their data, cryptocurrency wallets associated with Huione Guarantee and exchange users have received at least $11 billion since its launch in 2021.

Not all of these transactions can be unequivocally linked to fraud or other illegal activity. However, the nature of the activity on Huione Guarantee suggests that most of the transactions may be illegal," the report said.

Investigators claim the trading platform has become a "den of crime" because customers can use the service for instant messaging. Elliptic insists that Huione ignores the fact that its users "clearly offer money laundering services," advertise "sexual exploitation" schemes and sell malware.

Huione representatives themselves claim to be unaware of "specific user businesses" or the nature of money flows on the platform.

Huione Guarantee is a division of the larger Huione Group, which operates the Huione Pay payment app. Elliptic also alleges that executives of the trading platform are linked to Cambodian Prime Minister Hun Manet.