Tech Giants Remove Fraught Financial App Amid Allegations of Mass Fraud and Money Laundering

Apple and Google have taken swift action by removing the Huione Guarantee app from their respective stores in response to allegations of money laundering and cyber scams linked to a massive $24 billion fraud network. The move comes after a recent investigation by Elliptic, a blockchain analytics firm, exposed the platform as a hub for online fraud schemes.

The removed apps were found to be connected to Cambodia’s Huione Group, which operates primarily through Telegram, despite being rebranded under the name Haowang Guarantee. It appears that this rebranding effort was an attempt to evade scrutiny while maintaining its core illegal activities. This revelation raises questions about the accountability of tech companies in regulating their platforms.

Huione Guarantee’s reliance on Telegram highlights the legal challenges faced by authorities in curbing illicit operations without compromising communication freedoms. Critics argue that app stores must implement stricter measures to detect and block harmful platforms, suggesting that a lack of action would have allowed the fraudulent activities to continue unabated.

It remains unclear what specific actions were taken before removal from the app stores, but Elliptic’s investigation suggests that Huione Guarantee has become a significant player in Southeast Asia’s cybercrime epidemic.

Source: cryptotale.org