Huione Guarantee, linked to the Cambodian ruling family, operates as an online platform facilitating criminal activities related to the pig butchering crypto scam. Engaging in transactions totaling $11 billion, it provides escrow services for peer-to-peer exchanges, primarily with Tether. Research by Elliptic revealed that this facilitation mainly supports pig butchering scams. The scam, generating tens of billions of dollars yearly, tricks individuals into transferring cryptocurrencies to criminals, often conducted by labor trafficking victims forced to scam from compounds in Southeast Asia.
Source: https://www.wired.com/story/pig-butchering-scam-crypto-huione-guarantee/
TPRM report: https://scoringcyber.rankiteo.com/company/ellipticco
"id": "ell956071024",
"linkid": "ellipticco",
"type": "Cyber Attack",
"date": "7/2024",
"severity": "100",
"impact": "6",
"explanation": "Attack threatening the economy of geographical region"{'affected_entities': [{'industry': 'Financial Services',
'location': 'Cambodia',
'name': 'Huione Guarantee',
'type': 'Online Platform'}],
'attack_vector': 'Social Engineering, Labor Trafficking',
'description': 'Huione Guarantee, linked to the Cambodian ruling family, '
'operates as an online platform facilitating criminal '
'activities related to the pig butchering crypto scam. '
'Engaging in transactions totaling $11 billion, it provides '
'escrow services for peer-to-peer exchanges, primarily with '
'Tether. Research by Elliptic revealed that this facilitation '
'mainly supports pig butchering scams. The scam, generating '
'tens of billions of dollars yearly, tricks individuals into '
'transferring cryptocurrencies to criminals, often conducted '
'by labor trafficking victims forced to scam from compounds in '
'Southeast Asia.',
'impact': {'financial_loss': 'Tens of billions of dollars yearly'},
'motivation': 'Financial Gain',
'references': [{'source': 'Elliptic'}],
'threat_actor': ['Criminals', 'Labor Trafficking Victims'],
'title': 'Huione Guarantee Crypto Scam',
'type': 'Crypto Scam'}