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Science, Spoken

The $11 Billion Marketplace Enabling the Crypto Scam Economy

Jul 11, 2024
Explore the dark world of a billion-dollar marketplace enabling crypto scams, from deepfake services to human trafficking. Elliptic uncovered an online platform linked to Cambodia's ruling family facilitating over $11 billion in illicit transactions, largely through pig butchering schemes.
08:18

Podcast summary created with Snipd AI

Quick takeaways

  • Illicit marketplace Huwone Guarantee sells tools for human trafficking and crypto scams linked to Cambodia's ruling family.
  • Criminal ecosystem facilitating crypto scams and human trafficking can be disrupted with international sanctions on platforms like Huwone Guarantee.

Deep dives

Criminal Industry of Crypto Scams and Pig Butchering

The podcast delves into the emergence of a criminal industry involved in crypto scams and pig butchering, which has become a lucrative business involving secondary services such as finding targets, money laundering, and tools for human trafficking. One Cambodian online platform, Huwone Guarantee, connected to the country's ruling family, serves as a key marketplace for illicit transactions, enabling scammers to conduct operations worth billions of dollars through cryptocurrency schemes. The research exposes the extensive use of Huwone Guarantee for scam activities, including the sale of products like GPS tracking shackles and electric batons used in human trafficking scams.

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