Based on Telegram, the online platform HuiOne Guarantee and its suppliers have received at least $24 billion in cryptocurrency, making it the largest online escrow market in history, dwarfing the now-defunct Hydra.
Blockchain analytics firm Elliptic released data showing that since July 2024, the monthly inflow has increased by 51%.
Huione Guarantee is a subsidiary of the HuiOne Group (Haowang), which was exposed mid-last year as a center for internet fraud, providing services for money laundering, data theft, and even supplying electric shackles for dealing with people trafficked to scam sites under the guise of high-paying jobs for romance bait scams (pig butchering scams).
This incident led to the cryptocurrency company Tether freezing $29.62 million in stablecoins related to the market.
The platform was established in 2021, ostensibly to facilitate the sale of cars and real estate.
HuiOne Telegram Market
The public disclosure about HuiOne Guarantee and its subsidiary HuiOne Pay prompted the Chinese market to distance itself from its parent company and rename itself Haowang Guarantee.
Notably, HuiOne Pay was confirmed to have received over $150,000 in cryptocurrency from anonymous wallets used by the North Korean hacker group Lazarus between June 2023 and February 2024. These wallets were used to store digital assets stolen from three cryptocurrency companies in June and July 2023.
HuiOne Guarantee previously claimed no responsibility for the products and services advertised on its platform, but now also intervenes to block certain types of commercial activities, including those related to human trafficking, firearms, and terrorism.
Elliptic's analysis shows that the market continues to grow, with cash inflows exceeding $24 billion. In the fourth quarter of 2024 alone, the wallets used by HuiOne Guarantee and its suppliers received over $4 billion in cryptocurrency.
In comparison, the Hydra market received about $5.2 billion in cryptocurrency over its six-year lifespan.
The company stated: "Furthermore, nearly $6 billion in cryptocurrency flowed through a Telegram bot primarily used for online gambling by HuiOne Guarantee. Preliminary analysis of bets placed through this platform suggests that most of it may constitute money laundering."
Elliptic's investigation also found that HuiOne Pay is one of several providers offering services to launder proceeds from romance bait scams (pig butchering scams).
Another provider discovered by the company claims to operate in the Golden Fortune Technology Park in Chrey Thom, Cambodia, a hub for internet fraud scams.
In recent months, the HuiOne Group has also launched a series of crypto-related products, including a dollar-backed stablecoin named USDH, a decentralized cryptocurrency exchange that allows users to exchange USDH for other cryptocurrencies, and a messaging app called ChatMe for Android and iOS.
Tom Robinson, co-founder and chief scientist of Elliptic, stated in a declaration: "This seems to be an attempt to mitigate the risk of being de-platformed by companies like Tether or Telegram."
