Stablecoin issuer Tether has frozen the USDT held by Tron (TRX) network address linked to an online bazaar reportedly used by scam operators in Southeast Asia.
Blockchain data analysis firm Bitrace says it has confirmed that the wallet holding over 29.62 million USDT has ties to Huione Guarantee, an online marketplace owned by a conglomerate linked to Cambodia’s ruling Hun family.
“On July 13, 2024, the TRON address TNVaKW was frozen by Tether for over 29.62 million USDT. After analysis by Bitrace, it was confirmed that this address is the guarantee-related business address of the Cambodian Huione Group activated on July 9, 2024.”
According to blockchain analytics firm Elliptic, Huione Guarantee has so far facilitated at least $11 billion worth of transactions – including those linked to pig butchering, sextortion scams and other cybercrimes – and primarily uses USDT for payments.
Bitrace says Tether likely suspended the platform’s Tron address because of its ties to illicit activities.
“The reason why TNVaKW was frozen may be related to assisting in the laundering of funds for criminal activities such as fraud and crypto theft.”
Despite Tether’s move, Bitrace says Huione Guarantee still has other avenues for receiving and moving funds.
“At present, Huione has once again activated a new business address TQuFSv and transferred 114,800 USDC from the frozen TNVaKW.
In addition, its officially announced old related business address TL8TBp is still in operation, and its other guarantee and payment businesses have been in operation in the past six months. None of the relevant addresses have been frozen.”
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