Huione Guarantee's $11 Billion Involved in Money Laundering, Elliptic Research Claims

IconCryptoNewsTerminal Staff10 Jul, 2024

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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.