Operating primarily through Telegram channels, the platform offers services such as money laundering, scam facilitation, and the sale of equipment used for human trafficking, including electronic shackles. Its primary clientele hails from Southeast Asia’s “Golden Triangle,” a notorious hub for drug trafficking, fraud, and human trafficking.

Traditionally, Huione utilized the stablecoin Tether (USDT) for transactions. However, following Tether’s freezing of nearly $30 million linked to Huione last year, the platform sought alternatives. In response, the Huione Group, the parent company, introduced its own stablecoin, USDH. According to the group, USDH “avoids the common freezing and transfer restrictions” associated with traditional digital currencies. USDH operates on Ethereum, Binance Smart Chain (BSC), Tron, and Huione’s proprietary blockchain, Huione Chain (also known as Xone Chain). Additionally, Huione has launched its own wallet and a decentralized exchange to facilitate USDH trading.

Unlike other darknet markets that operate anonymously, Huione Guarantee is an integral part of the Huione Group, a Cambodian financial conglomerate involved in sectors such as insurance, aviation, and real estate. Notably, one of Huione’s directors, Hun To, is a cousin of Cambodia’s Prime Minister and has alleged connections to organized crime in China.

A significant portion of Huione’s activities revolves around the “pig butchering scam.” In this scheme, victims are lured into fraudulent investments through prolonged intimate chats, often leading them to invest in fake cryptocurrency platforms. The platform not only launders the proceeds from these scams but also sells tools necessary for controlling trafficked individuals forced to conduct these fraudulent operations.

Despite interventions like Tether’s asset freeze, Huione’s transaction volumes have continued to grow, reaching over $4 billion in the fourth quarter of 2024. This expansion underscores the platform’s resilience and adaptability in the face of regulatory challenges.

Huione Guarantee, a Chinese-language online black market based in Cambodia, has rapidly become the largest digital illicit marketplace to date, with total transactions reaching $24 billion