Huione Guarantee, a Cambodia-based Telegram platform facilitating cyber scams and money laundering, was dismantled in May 2025 after processing over $27 billion in USDT transactions. Authorities acted following an Elliptic investigation, leading to the freezing of Huione-linked wallets and Telegram channel removals. Vendors have since shifted to Tudou Guarantee, which now absorbs much of the illicit activity. The platform, originally intended for legitimate transactions, became a hub for fraud tools and stolen data. Despite Huione’s shutdown, similar darknet marketplaces remain active, highlighting the persistent challenge of crypto-enabled financial crime.
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Huione Guarantee Shutdown Sparks Crypto Darknet Shift
The abrupt closure of Huione Guarantee, a prominent crypto darknet marketplace, has created a ripple effect across the ecosystem. Following Telegram’s ban on thousands of associated accounts, users migrated to at least 30 successor platforms. According to Elliptic, Tudou Guarantee emerged as the primary winner, absorbing much of Huione’s former transaction volume and doubling its user base since May. This shift highlights the resilience and adaptability of illicit crypto markets despite regulatory crackdowns.
read moreElliptic Joins IWF to Combat Crypto-Funded Child Abuse
Elliptic has joined forces with the Internet Watch Foundation (IWF) to combat the financing of child sexual abuse material (CSAM) through cryptocurrencies. The partnership grants Elliptic access to the IWF’s real-time alerts on crypto transactions linked to CSAM, helping identify payment networks and wallet addresses. A 2024 IWF report revealed that over 60% of CSAM websites with payment options accept cryptocurrencies, with privacy coins like Monero gaining traction. While privacy tokens pose tracing challenges, Elliptic emphasizes that they are often used alongside traceable assets. The firm aims to enhance detection capabilities through asset-agnostic data solutions. The IWF plans to expand its blockchain industry partnerships, with Chainalysis also collaborating in this effort.
read moreIran’s Nobitex Loses $100M in Israel-Linked Cyberattack
Nobitex, an Iranian cryptocurrency exchange, confirmed a $100 million cyberattack by the Israel-linked hacktivist group Gonjeshke Darande. The attackers burned the stolen funds, sending them to non-recoverable wallets, and leaked portions of Nobitex’s source code. The breach, which occurred on July 18, led to a government-imposed curfew on crypto exchanges in Iran. Nobitex assured users their funds remain protected by its reserve fund, despite the attack’s political motivations. Iran’s central bank restricted exchange operations and triggered internet disruptions, slowing platform recovery. The hack highlights the growing intersection of geopolitics and cryptocurrency security.
read more$85M Hack Hits Iran’s Top Crypto Exchange Nobitex
Iran’s leading cryptocurrency exchange, Nobitex, suffered an $85 million hack attributed to the pro-Israel group Predatory Sparrow. The attackers exploited access control vulnerabilities, draining hot wallets across multiple blockchains while leaving provocative wallet addresses like ‘TKFuckiRGCTerroristsNoBiTEXy2r7mNX.’ Stolen funds included $49.3M on Tron, $24.3M on EVM chains, $2M in Bitcoin, and $6.7M in Dogecoin. Surprisingly, the hackers appear to have ‘burned’ the funds by using vanity addresses they don’t control, making recovery impossible. Nobitex confirmed cold wallets were unaffected and pledged to cover losses via insurance. The attack escalates cyber warfare between Israel and Iran, targeting financial systems allegedly used to bypass sanctions. This follows Predatory Sparrow’s prior attacks on Iranian infrastructure, including Bank Sepah. The breach adds to 2025’s $2.1B+ in crypto thefts, with wallet breaches being the costliest attack vector.
read moreSenate Passes GENIUS Act: Landmark Stablecoin Bill
The U.S. Senate approved the GENIUS Act, creating the first federal framework for stablecoin issuance and trading. Stablecoins, typically pegged to the U.S. dollar, serve as a bridge between crypto and traditional finance. Major corporations like Walmart and Amazon have shown interest in launching their own stablecoins. Treasury Secretary Scott Bessent highlighted potential benefits including increased demand for U.S. Treasuries and global dollar adoption. The bill now moves to the House, where its passage isn’t guaranteed due to competing Republican proposals. Industry leaders hailed the vote as pivotal for crypto regulation, though Democrats initially opposed the bill over White House conflict-of-interest concerns related to the Trump family’s stablecoin ventures.
read more$4.6B Lost to Crypto Scams in 2024: AI Deepfakes Surge
A collaborative report by Bitget, SlowMist, and Elliptic highlights a 24% increase in crypto scams in 2024, totaling $4.6 billion in losses. Deepfake AI impersonations, social engineering schemes, and modern Ponzi scams are the top threats, with nearly 40% of high-value frauds involving AI-generated videos of public figures like Elon Musk. Scammers are also exploiting KYC procedures, forging customer service interactions, and using fake platform dashboards. Social engineering tactics include AI-powered arbitrage bot scams and phishing links, while modern Ponzi schemes disguise themselves as legitimate DeFi, NFT, or GameFi projects. The report cites the JPEX scandal in Hong Kong, where $213 million was lost, and exposes rug pulls like Leaper Finance. To combat this, Bitget and partners launched an Anti-Scam Hub and a $300 million protection fund to trace illicit funds and disrupt phishing networks.
read moreDeepfake Scams Surge in Crypto: $4.6B Lost in 2024
The 2025 Anti-Scam Month Research Report, co-authored by Bitget, SlowMist, and Elliptic, exposes the escalating threat of deepfake scams in the crypto industry. In Q1 2025 alone, 87 deepfake scam rings were dismantled, yet global crypto scam losses surged by 24% year-on-year to $4.6 billion in 2024. The report highlights that nearly 40% of high-value fraud cases involved AI-driven impersonations of public figures and executives, urging stricter preventive measures. As AI technology advances, the crypto sector faces growing risks from increasingly sophisticated fraud tactics.
read moreOFAC Sanctions Funnull in $200M Crypto Scam Linked to Triad Nexus
The US Department of the Treasury’s OFAC has imposed sanctions on Philippines-based Funnull Technology Inc. and its administrator, Liu Lizhi, for running a $200M ‘pig butchering’ scam targeting American investors. OFAC blacklisted two of Funnull’s crypto addresses, while the FBI issued an advisory detailing technical indicators linked to the fraud. Investigations by Chainalysis and Elliptic revealed Funnull’s role in Triad Nexus—a network hosting 200,000+ scam-related hostnames—and its connections to Huione Pay, a FinCEN-flagged money laundering hub. The addresses received over $4M in illicit funds, underscoring the scale of the operation.
read moreCambodia’s $19B Crypto Scam Industry Exposed
A report by Humanity Research Consultancy (HRC) exposes Cambodia as a global hub for crypto-based fraud, with senior government officials allegedly enabling a $19 billion scam industry. The Huione Group, tied to high-ranking officials, has processed $24 billion via Telegram and launched a stablecoin to bypass financial oversight. The report links the Cambodian People’s Party to transnational fraud schemes, human trafficking, and money laundering, with Huione Guarantee serving as a key platform for laundering proceeds from romance scams and ‘pig butchering’ operations. The UN and blockchain analysts warn of Cambodia’s expanding role in global crypto fraud, with scam compounds relocating to rural provinces. Telegram has banned Huione-linked accounts, but the illicit operations continue to thrive.
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