Guarantee

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<p class="is-style-lead">Tether has reportedly frozen a Tron (<a href="https://crypto.news/price/tron/" target="_blank" rel="noopener noreferrer nofollow">TRX</a>) wallet containing more than 28 million USDT tokens suspected to be proceeds of criminal activities, including money laundering and fraud.</p>
<p>An account dedicated to the real-time observation of Tron and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) stablecoins, USDT/USDC Ban List, reported on July 13 that an address, identified as TNVaKW, had been blacklisted by Tether with $28.25 million in USDT.</p>
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   <p lang="nl" dir="ltr">TNVaKWQzau7xL9bcnvLmF9KSEQkWEs4Ug8<br>Timestamp: 12.07.2024, 23:21:36 UTC<br>Event: AddedBlackList<br>Balance: 28,257,162.94 USDT (TRC20)<a href="https://t.co/Whl97I1K7m" target="_blank" rel="noopener noreferrer nofollow">https://t.co/Whl97I1K7m</a></p>— USDT/USDC Ban List (@USDTBanList) <a href="https://twitter.com/USDTBanList/status/1811904659038306519?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 12, 2024</a>
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<p>The wallet is suspected of being tied to the Cambodian company Huione Group. Blockchain security firm Bitrace revealed in a July 14 post on X that the frozen wallet, activated on July 9, is linked to Huione Group’s Guarantee business.&nbsp;</p>
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   <p lang="en" dir="ltr">📢The 29.62 million USDT addresses frozen are addresses related to the guarantee business of the Cambodian Huione Group that month.（1/n）<br><br>more details👇 <a href="https://t.co/s5AVUZD6sC" target="_blank" rel="noopener noreferrer nofollow">https://t.co/s5AVUZD6sC</a> <a href="https://t.co/tzLyZa04m7" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/tzLyZa04m7</a></p>— Bitrace (@Bitrace_team) <a href="https://twitter.com/Bitrace_team/status/1812339947250327860?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 14, 2024</a>
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<p>The analysis by Bitrace further indicated that Huione was attempting to bypass the freeze by activating a new address, TQuFSv, and transferring $114,800 in USDC from the frozen TNVaKW wallet.&nbsp;</p>
<p>Furthermore, according to Bitrace, despite Tether’s action, Huione’s other business addresses, including its old business address TL8TBp, remain operational.</p>
<p>You might also like: <a href="https://crypto.news/tether-loses-ground-market-share-shrinks-to-74/" rel="noopener noreferrer nofollow"> Tether loses ground, market share shrinks to 74% </a></p>
<h2 class="wp-block-heading" id="strong-huione-guarantee-linked-to-crypto-scams-strong"><strong>Huione Guarantee linked to crypto scams</strong></h2>
<p>On July 10, Elliptic — another prominent crypto-tracing firm — <a href="https://www.elliptic.co/blog/cyber-scam-marketplace?hs_amp=true" target="_blank" rel="noopener noreferrer nofollow">reported</a> on Huione Guarantee’s involvement in fraudulent activities, particularly pig-butchering scams.</p>
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   <p lang="en" dir="ltr">A new investigation from the Elliptic research team sheds light on online marketplace Huione Guarantee. The platform is widely used by scam operators in South East Asia, including those involved in <a href="https://twitter.com/hashtag/pigbutchering?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#pigbutchering</a> scams. Read the full analysis ➡️ <a href="https://t.co/p9tqquGhJ6" target="_blank" rel="noopener noreferrer nofollow">https://t.co/p9tqquGhJ6</a></p>— Elliptic (@elliptic) <a href="https://twitter.com/elliptic/status/1810943317695197424?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 10, 2024</a>
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<p>According to Elliptic, the online marketplace has emerged as a major <a href="https://crypto.news/cambodian-marketplace-huione-guarantee-became-hub-for-crypto-scammers-elliptic/" target="_blank" rel="noopener noreferrer nofollow">hub</a> for scam operations in Southeast Asia and has been linked to criminal transactions totaling at least $11 billion.</p>
<p>Elliptic claimed that the Cambodia-based company operates as a deposit and escrow service for peer-to-peer transactions on <a href="https://crypto.news/tag/telegram/" target="_blank" rel="noopener noreferrer nofollow">Telegram</a>, primarily using Tether’s USDT stablecoin. This apparently made it a favored platform for scammers and money launderers.&nbsp;</p>
<p>Furthermore, the blockchain analysis firm alleged that Huione Guarantee was connected to Cambodia’s ruling family, including Prime Minister Hun Manet.</p>
<p>In response to the report, law enforcement and blockchain analysts have started working to disrupt Huone’s operations by tracking crypto transactions and identifying wallets linked to the platform.</p>
<p>The <a href="https://crypto.news/tag/tether/" target="_blank" rel="noopener noreferrer nofollow">Tether</a> freeze highlights these ongoing efforts to clamp down on crypto-related fraud and the intricate web of financial crimes facilitated by seemingly legitimate crypto platforms.</p>
<p>Read more: <a href="https://crypto.news/few-jurisdictions-follow-virtual-asset-guidelines-fatf/" rel="noopener noreferrer nofollow"> Too few jurisdictions take proper virtual asset precautions: FATF </a></p>

Tether freezes $28m in USDT linked to Cambodian fraud

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