Blockchain Analytics Firm Elliptic Links Cambodian Marketplace Huione Guarantee to Criminal Activities

This post was originally published on Coinspeaker

Crypto wallets tied to Huione and its independent merchants have reportedly received no less than $11 billion.

Blockchain analytics firm Elliptic has slammed Cambodian-based multi-billion dollar marketplace Huione Guarantee with some serious allegations. The firm put out the claims in a detailed report released on Wednesday, where it says that Huione may have been involved in money laundering and other criminal activities.

Elliptic Uncovers Billions in Potentially Illicit Transactions on Huione Guarantee

The report suggests that since its inception in 2021, crypto wallets tied to Huione and its independent merchants have received no less than $11 billion. This figure, according to Elliptic, is being generously prudent with the estimate.

The firm admitted that Huione may not have exclusively dealt in illegal activities. However, the report noted that the nature of the majority of Huione Guarantee’s operations raised red flags that can not be overlooked. This means that the bulk of the $11 billion in transactions is likely connected to fraudulent activities and other crimes.

Furthermore, the report highlights that the platform has a preference for Tether’s USDT stablecoin as a payment method. However, it also supports payment apps and traditional bank transfers.

The allegations do not end

Read the rest of this post, which was originally published on Coinspeaker.

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