Elliptic's latest report reveals how Huione Guarantee, an online marketplace linked to the Cambodian conglomerate Huione Group, facilitated over $11 billion in illicit transactions, primarily through Tether (CRYPTO:USDT).

The platform, operating in Southeast Asia, enabled cyber scams through thousands of instant messaging channels managed by various merchants, offering services like money laundering, personal data sales, and software development for scam websites.

Elliptic's investigation identified hundreds of crypto addresses associated with Huione Guarantee, aiding exchanges and businesses in screening transactions to prevent further money laundering.

The report also highlights the broader use of artificial intelligence in crypto crimes, including deepfake scams and state-sponsored cyberattacks, emphasising ongoing challenges in combating illicit activities within digital currencies.