Elliptic has pointed out that US authorities have dealt another major blow to one of the largest criminal networks exploiting cryptocurrency, seizing cloud computing resources used by subsidiaries of Cambodia’s Huione Group. The action relied on detailed blockchain intelligence supplied by Elliptic, a leading firm specializing in digital asset analysis.
The move targets backend systems that allegedly helped convert proceeds from online scams and investment frauds into usable funds while obscuring their origins.
The Huione Group, a Cambodia-based conglomerate, operated through multiple interconnected businesses that supported widespread cyber-enabled crime across Southeast Asia and beyond.
Central to its activities was Huione Guarantee, a marketplace originally hosted on the Telegram messaging platform.
First highlighted through Elliptic’s research in July 2024, the platform functioned as a one-stop shop for fraud operators.
Sellers offered money-laundering services, stolen personal data, fake websites, and other tools essential for “pig-butchering” scams and similar schemes that trick victims into sending cryptocurrency.
By the time the platform was dismantled, it had facilitated more than $31 billion in cryptocurrency transactions.
This volume made it the largest illicit online marketplace on record — exceeding the combined scale of historic dark-web sites such as Silk Road and AlphaBay by more than 25 times.
The network’s reach extended far beyond individual scams, enabling organized groups to industrialize fraud operations at an unprecedented level.
Huione Pay, the group’s payments division, played a critical supporting role. It processed at least $103 billion in cryptocurrency payments over its lifetime and maintained physical outlets in Cambodia.
These operations allowed scam proceeds to move across blockchains and eventually enter traditional banking channels with reduced risk of detection.
The latest seizure forms part of a sustained campaign against the Huione ecosystem.
Elliptic’s intelligence previously contributed to Telegram’s decision to shut down Huione Guarantee in May 2025.
It also supported the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) designation of the group as a primary money-laundering concern and sanctions imposed by the United Kingdom on related entities, including Xinbi.
Simone Maini, Chief Executive Officer of Elliptic, said:
“Huione was the largest illicit marketplace the world has ever seen. Elliptic’s data made the marketplace visible. Tracing the vast network behind it took years of intelligence work. This moment shows what the public and private sectors can achieve when they work together. These networks will keep adapting, and so will we.”
Law enforcement officials described the seized cloud account as a key technological backbone that enabled the group’s subsidiaries to move and conceal billions in fraud-derived cryptocurrency.
The infrastructure allegedly helped users transfer illicit funds across multiple blockchains before converting them into fiat currency through legitimate financial systems.
This development underscores the growing effectiveness of specialized blockchain analytics in disrupting sophisticated criminal enterprises.
As cybercriminals continue to leverage cryptocurrency for layering and obfuscation, partnerships between technology firms and government agencies are proving essential for tracing complex transaction flows and dismantling the infrastructure that sustains large-scale fraud. The Huione case illustrates how persistent intelligence gathering can lead to incremental but cumulatively powerful enforcement outcomes against resilient illicit networks.