The marketplace has experienced a staggering 51% increase in monthly inflows over the past six months, reinforcing its dominance in the illicit online economy.

With over 900,000 users, Huione Guarantee has solidified its position as the leading platform for cyber scams.

Despite being labeled a hub for scams, Huione Guarantee claims to operate as an 'information publishing and guarantee trading platform,' asserting that its services are provided by third-party merchants.

The marketplace offers various tools and personal data to scammers, including those involved in 'pig butchering' schemes that trick victims into investing in fake cryptocurrency platforms.

Cybersecurity researchers have identified thousands of vendors on Huione Guarantee offering money laundering services and stolen data, highlighting the platform's role in facilitating online fraud.

Huione Guarantee primarily operates on Telegram, where it has established groups and bots with tens of thousands of members, facilitating large cryptocurrency transactions.

The launch of its USD stablecoin, USDH, in September 2024 has contributed to Huione Guarantee's rapid growth, as it was designed to evade regulatory scrutiny.

Huione Guarantee has emerged as the largest illicit online marketplace, facilitating scams and processing transactions worth at least $24 billion, according to cryptocurrency tracker Elliptic.

Rival company Chainalysis estimates that Huione Guarantee's processed transactions could be as high as $49 billion, significantly surpassing the previous largest darknet market, Hydra.

Following its connection to the North Korean Lazarus Group, Tether froze one of Huione Guarantee's USDT accounts, prompting the marketplace to create its own stablecoin, USDH.

Elliptic's report indicates that Huione Guarantee is a significant contributor to the global cyber scam epidemic, affecting victims worldwide.

In an effort to distance itself from negative publicity, Huione Guarantee has rebranded to Haowang Guarantee, although its connections to illicit activities remain.