Apple and Google Remove Crypto Apps Tied to $24 Billion Fraud Network

Apple and Google have removed apps developed by Cambodia-based Huione Group following allegations that the company operated a massive dark web marketplace for fraud-related services.

According to blockchain analytics firms Elliptic and Chainalysis, Huione Guarantee, a Telegram-based platform, facilitated over $24 billion in illicit transactions, surpassing the infamous Silk Road and Hydra marketplaces.

Huione Guarantee: A Hub for Fraud

Huione Guarantee reportedly operated as an escrow service for transactions involving money laundering, stolen data, and tools for large-scale online fraud.

The marketplace hosted thousands of Telegram channels where vendors offered services ranging from fake crypto investments to stolen personal data.

Among the most alarming findings was the sale of equipment allegedly used to control trafficked workers forced into scam operations, highlighting the platform’s connection to transnational organized crime.

Apple and Google Respond

Following the release of Elliptic’s report, Google swiftly removed all Huione Group apps from its Play Store. Apple has also delisted the group’s crypto exchange app but continues to host other Huione-developed apps, sparking criticism from experts.

Elliptic CEO Tom Robinson urged both tech giants to reconsider their relationship with Huione Group, stating, “Google and Apple should evaluate whether Huione Group is an appropriate business to distribute apps through their platforms.”

Legitimate Operations or a Cover?

While Huione Group has been linked to illicit activities, the company also offers legitimate services, including insurance, luxury travel, and payment solutions. It remains unclear whether these services were directly involved in fraudulent operations. Neither Huione Group nor Telegram has responded to the allegations.

The Bigger Picture

The Huione Guarantee marketplace exemplifies the evolving sophistication of online fraud networks. By leveraging platforms like Telegram, these operations have scaled globally, targeting victims with scams like “pig butchering” — a scheme involving fake crypto platforms that lure victims with promises of high returns.

Elliptic’s report underscores the need for stricter oversight of app marketplaces and messaging platforms to prevent the proliferation of such schemes.

Final Thoughts

The removal of Huione Group’s apps by Apple and Google marks a significant step in addressing the role of technology platforms in enabling cybercrime.

However, the ongoing presence of some apps on the App Store raises questions about the consistency of enforcement and the broader responsibilities of tech giants in combating fraud.

For more on the intersection of technology and cybersecurity, stay tuned.