A recent investigation by crypto-tracing firm Elliptic has exposed the extensive reach of the “pig butchering” crypto scam industry, facilitated by a Cambodian platform linked to the country’s ruling family. The platform, Huione Guarantee, has been identified as a central hub for tools and services enabling these scams, including deepfake technology, victim data, and even devices used for human trafficking.
The Rise of Pig Butchering Scams
The FBI announced in April that reported crypto-investment fraud losses for the US hit $3.94 billion in 2023. In addition to scam victims, who are tricked into buying cryptocurrency and transferring it to criminals, the scammers on the other end are often victims of elaborate forced-labor schemes. Compounds where people are forced to live and work generating content to target scam victims have been reported in Myanmar, the Philippines, Cambodia, and other countries in Southeast Asia.

Pig butchering scams, a form of crypto fraud involving elaborate schemes to trick victims into investing in fake cryptocurrencies, have grown into a global industry worth tens of billions of dollars annually. These scams rely on a complex ecosystem of services that provide everything from target identification to money laundering.
Elliptic‘s report reveals that Huione Guarantee, a deposit and escrow service platform, has facilitated approximately $11 billion in transactions since its launch in 2021. This year alone, the platform has processed $3.4 billion in transactions, primarily in the cryptocurrency Tether. The platform allows users to conduct peer-to-peer transactions via Telegram while ostensibly protecting them from fraud, but its actual operations support large-scale scams.
Comprehensive Criminal Toolkit
Huione Guarantee offers a wide array of illicit services. Listings on the platform include shock-enabled GPS tracking shackles and electric batons used in human trafficking operations to coerce workers in scam compounds across Southeast Asia. Other services include data on potential scam targets, fake investment websites, deepfake services for deceiving victims, and money laundering solutions to obscure the origins of stolen funds.
Elliptic’s cofounder and chief scientist, Tom Robinson, highlighted the platform’s central role in the scam industry: “This is the largest public guarantee platform for illicit crypto transactions that we’re aware of.” He noted that the platform’s public nature and the sheer scale of its operations make it a significant target for regulatory action.
Links to Cambodian Power
Disturbingly, Huione Guarantee is operated by Huione Group, a Cambodian conglomerate with ties to the country’s ruling family. One director, Hun To, is a cousin of Prime Minister Hun Manet. The platform’s operations reflect a broader trend of criminal enterprises exploiting regional instability and economic downturns exacerbated by the COVID-19 pandemic.
International Implications and Recommendations
Given the platform’s significant role in enabling crypto scams, Robinson suggests that international sanctions targeting Huione Guarantee’s leadership could disrupt the marketplace. The platform’s activities, resembling those of a darknet market but with open links to a powerful family, present a unique opportunity for law enforcement to strike a blow against the pig butchering scam economy.
For more detailed insights, the original article can be found on Wired.