The FBI announced the seizure of a cloud computing account used by subsidiaries of the Huione Group, a Cambodian conglomerate that operated the largest illicit online marketplace ever recorded. Elliptic supported the investigation by providing critical intelligence tracing cyber-enabled fraud proceeds linked to Huione. This action builds on Elliptic's two-year research effort that began in July 2024, when it first exposed Huione Guarantee as a marketplace for online scammers. The marketplace, operating via Telegram and settling in USDT, facilitated over $31 billion in transactions before being forced offline in May 2025. Huione's payments arm, Huione Pay, received at least $103 billion in crypto payments. Subsequent enforcement included FinCEN designating Huione as a primary money laundering concern, Telegram removing the marketplace, and the extradition of chairman Li Xiong to China. Despite Huione's collapse, the guarantee marketplace ecosystem remains active, with Elliptic tracking over 30 successor markets, notably Xinbi Guarantee which has received over $24 billion in transactions.

Key facts

• FBI seizes cloud account used by Huione Group subsidiaries.
• Elliptic provided key intelligence tracing fraud proceeds.
• Huione Guarantee handled $31 billion in transactions before shutdown.
• Chairman Li Xiong extradited to China in April 2026.
• Over 30 successor markets remain active, led by Xinbi Guarantee.