Huione Guarantee's $11 Billion Involved in Money Laundering, Elliptic Research Claims
CryptoNewsTerminal Staff10 Jul, 2024
Huione Guarantee's $11 Billion Involved in Money Laundering, Elliptic Research Claims
Huione Guarantee, an online marketplace owned by Cambodian conglomerate Huione Group, is facing allegations of money laundering and fraud totaling $11 billion. According to Elliptic Research, a significant portion of the transactions conducted on the platform involved the cryptocurrency USDT and were linked to illicit activities. USDT, a stablecoin pegged to the US dollar, has been increasingly used in money laundering schemes due to its ease of transfer and anonymity. The allegations against Huione Guarantee raise concerns about the regulation of cryptocurrency marketplaces and the need for increased transparency in the industry.