HuiOne Telegram Market: The Largest Online Illicit Marketplace

By Ravie Lakshmanan, January 14, 2025

The Telegram-based online marketplace known as HuiOne Guarantee and its vendors have cumulatively received at least $24 billion in cryptocurrency, surpassing the now-defunct Hydra to become the largest online illicit marketplace to have ever operated.

Record-Breaking Figures

The figures, released by blockchain analytics firm Elliptic, show that monthly inflows have increased by 51% since July 2024. This significant growth highlights the increasing popularity and profitability of online illicit marketplaces.

HuiOne Guarantee: A Hub for Illicit Activities

Huione Guarantee, part of the HuiO group, has been identified as a major hub for illicit activities, including romance-baiting scams. The company’s vendors offer services to launder the proceeds of these scams, further solidifying its reputation as a major online illicit marketplace.

Laundering Proceeds of Romance-Baiting Scams

Elliptic’s investigation also found that HuiOne Pay is one of the many vendors offering services to launder the proceeds of romance-baiting scams. Another vendor identified by the company claimed to be operating from the Golden Fortune Science and Technology Park in Chrey Thom, Cambodia, a scam compound linked to online scams.

Expanding Crypto-Related Products

In recent months, HuiOne Group has also launched a range of crypto-related products, including a U.S. dollar-backed stablecoin called USDH, a decentralized crypto exchange that allows users to swap USDH for other cryptocurrencies, and a messaging app named ChatMe for Android and iOS.

Reducing Risk of Deplatforming

Tom Robinson, co-founder and chief scientist at Elliptic, stated, "This appears to be an attempt to reduce the risk of being deplatformed by the likes of Tether or Telegram."

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