HuiOne Guarantee, a Telegram-based marketplace, has become the largest illegal online marketplace, raking in $24 billion in cryptocurrency. This surpasses the notorious Hydra marketplace, which earned $5.2 billion in six years. HuiOne, established in 2021, has connections to organized crime, providing services for money laundering, stolen data sales, and other illicit activities. Despite attempts to distance itself from criminal operations, the platform continues to thrive, with significant monthly inflows reportedly increasing by 51% since mid-2024. Recent reports highlight its involvement in romance scams and potential links to North Korean hackers, all while launching new crypto products to safeguard its operations from crackdown attempts.
The world of cryptocurrency is buzzing with alarming news about an online marketplace called HuiOne Guarantee. According to recent reports, this Telegram-based platform has enabled a staggering $24 billion in cryptocurrency transactions, making it the largest illicit marketplace in history. It has eclipsed the infamous Hydra marketplace, which was notorious for its underground activities.
An analysis by blockchain firm Elliptic reveals that HuiOne’s monthly transaction inflows surged by 51% since mid-2024. This marketplace gained notoriety for being a hub for scams, offering money laundering services, stolen data, and items meant to aid human trafficking. Reports indicate that HuiOne Guarantee is closely linked to organized crime, affecting victims worldwide through various fraudulent schemes.
The platform initially aimed to facilitate legitimate transactions, like selling cars and real estate, but has since faced scrutiny for its connections to criminal activities. In response to its rising profile, cryptocurrency giant Tether acted swiftly by freezing over $29 million worth of cryptocurrency linked to HuiOne.
Despite efforts to distance itself from illegal activities, HuiOne Guarantee continues to evolve. They have launched several new products, including a stablecoin, a decentralized crypto exchange, and a messaging app called ChatMe. This appears to be a strategy to evade detection and maintain operations amid growing criticism.
Elliptic’s investigation points to the marketplace’s ongoing role in facilitating money laundering, particularly through romance-baiting scams. With $6 billion reportedly passing through a Telegram bot tied to gambling, the illicit flow of funds shows no signs of slowing down.
As authorities become more aware of HuiOne’s operations, it is crucial for users and investors in the cryptocurrency space to remain vigilant. The rise of such platforms highlights the pressing need for better regulatory measures to protect consumers from online scams and fraud.
This information is a wake-up call for the crypto community and serves as a reminder of the importance of due diligence when engaging in online transactions. Cryptocurrency can pave the way for innovation, but the shadow of fraudulent activities looms large.
Stay informed about these developments and protect yourself in the ever-evolving landscape of cryptocurrency.
What is HuiOne Telegram Market?
HuiOne Telegram Market is an online platform where users can buy and sell illegal goods and services, such as drugs and hacking tools, using cryptocurrency.
How does HuiOne differ from Hydra?
HuiOne has become more popular than Hydra by offering a wider range of products and a user-friendly interface. It has gained a lot of trust among users, leading to more transactions.
What does it mean that HuiOne has hit $24 billion in crypto transactions?
This means that users have traded goods and services worth a total of $24 billion using cryptocurrencies on the HuiOne platform. This number shows how large and active the Market has become.
Is it safe to use HuiOne?
Using HuiOne is risky. You could face legal trouble because trading illegal goods is against the law. There is also the risk of scams and losing money.
What are the implications of HuiOne’s growth?
HuiOne’s growth raises concerns for law enforcement agencies trying to combat illegal activities online. It highlights the challenge of regulating these hidden markets and preventing crime.