The ‘Largest Illicit Online Marketplace’ Ever Is Growing at an Alarming Rate, Report Says

The scam ecosystem has been booming around the world, with criminals honing a handful of strategies to trick victims into voluntarily sending their money into the abyss. Now, researchers say that in the pantheon of dark web marketplaces, the “largest illicit online marketplace” ever is now one that sells services to other scammers rather than focusing on drugs or other contraband. New findings from the crypto-tracing firm Elliptic show how one of the biggest players in that sphere, Huione Guarantee, has likely enabled $24 billion in gray market transactions—with the volume of activity on the platform rocketing up 51 percent since initial investigations last summer. Preventing it from operating would have a significant impact on online scams and would have an immediate beneficial effect on victims and potential victims.” A Chinese-language platform that has wider links to businesses associated with the Cambodian ruling family, Huione Guarantee first emerged in 2021 as investment scams—or so-called “pig butchering” scams—from Southeast Asia boomed. However, last year, following the publication of Elliptic’s previous research, Huione Guarantee posted a statement to its website where it claimed to be an “information publishing and guarantee trading platform,” and the services “are provided by third-party merchants and we only provide guarantee services.” The company also said that after it saw Elliptic’s previous report, it removed some sellers.