Elliptic Intelligence Used by the FBI in Action Against Huione, the $134 Billion Criminal Marketplace and Money Laundering Operation
Elliptic, the global leader in digital asset decisioning, today announced that its intelligence was used by the Federal Bureau of Investigation in today's action against the operators of Huione Group. The Justice Department announced the seizure of a cloud computing account used by subsidiaries of the Huione Group, a Cambodia-based corporate conglomerate.
First exposed by Elliptic in July 2024, Huione Guarantee was a Telegram-based marketplace serving online fraudsters across Southeast Asia. Merchants sold money laundering services, stolen personal data, websites and other goods and services necessary to perpetrate so-called “pig-butchering” scams and other online fraud., By the time Huione was forced offline, it had received more than $31 billion in cryptoasset transactions, making it the largest illicit online marketplace ever recorded, more than 25 times larger than Silk Road and AlphaBay combined.
Huione Group’s payments arm, Huione Pay, was also implicated in the laundering of proceeds of online scams. Huione Pay received at least $103 billion in cryptoasset payments over its lifetime and ran physical outlets across Cambodia.
