Apple And Google Take Down Crypto Apps From Alleged $24 Billion Cyberscam Market Owner

Forbes - Jan 15th, 2025
Open on Forbes

Apple and Google have removed apps developed by Cambodia-based Huione Group from their app stores after revelations that the company operated the largest dark web marketplace ever, Huione Guarantee, on Telegram. This platform is accused of facilitating money laundering and fraud-related services, with sales reaching $24 billion. Reports by Elliptic and Chainalysis describe Huione Guarantee as surpassing notorious markets like Silk Road and Hydra. While Google promptly removed all Huione apps, Apple only took down the crypto exchange, leaving other apps still available on the App Store. The company’s operations reportedly extend beyond illegal activities, offering legitimate services such as insurance and luxury travel.

The exposure of Huione Guarantee highlights the scale of organized cybercrime and its reliance on major tech platforms for distribution. The marketplace, operating through thousands of Telegram channels, plays a central role in enabling international crime syndicates to perpetrate scams globally, including the notorious 'pig butchering' crypto fraud. The incident raises serious questions regarding the responsibility of app stores in vetting their offerings and underscores the complexities of policing digital ecosystems to prevent illicit activities. Huione's case may prompt tech giants to reevaluate their app approval processes to prevent similar breaches in the future.

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RATING

7.8
Fair Story
Consider it well-founded

Overall, the news story offers a well-researched and credible account of the allegations against Huione Group, backed by authoritative sources like Elliptic and Chainalysis. The story scores highly on accuracy and source quality, providing substantial evidence and expert insights into the illicit activities of the group. It is clear and professionally written, making complex information accessible to a broad audience.

However, the story could benefit from more balanced reporting by including perspectives from Huione Group or other involved parties, such as Telegram. It should also strive for greater transparency by detailing the methodologies used in the cited research and disclosing any potential conflicts of interest.

Overall, while the news story succeeds in presenting a detailed and factual account, addressing these areas would enhance its balance, transparency, and overall effectiveness in informing the reader.

RATING DETAILS

8
Accuracy

The news story appears to be largely accurate, providing specific details about the alleged activities of Huione Group, including their operation of illicit marketplaces and various legitimate products. The story cites credible sources like Elliptic and Chainalysis, which are well-regarded in the field of cryptocurrency crime analysis. These organizations provide detailed data, such as the $24 billion in sales through the Huione Guarantee platform, which is presented as evidence of the group's illicit activities.

However, there are areas where the story could benefit from further verification. For instance, while the story reports on the removal of apps by Google and Apple, it lacks direct statements from these companies, relying instead on a spokesperson's confirmation for Google and absence of comments from Apple. This reliance on indirect reporting slightly undermines the factual robustness of the claims.

Moreover, the story mentions that it is unclear whether the other services run by Huione Group were used to commit fraud. This admission indicates a level of ambiguity that necessitates further investigation to provide a comprehensive picture. Overall, the article is factual but could improve by including more direct and corroborated evidence to confirm some of the claims.

7
Balance

The news story provides a well-rounded view of the situation by discussing both the illicit and legitimate activities of Huione Group. It acknowledges that the company offers legitimate products such as insurance and luxury travel, which demonstrates an attempt to present a balanced perspective rather than solely focusing on criminal activities.

However, the story could have explored the viewpoints of Huione Group itself or its representatives. Their absence in the article leaves a gap in perspective, as the allegations are serious, and the company's stance or explanation is crucial for a balanced narrative. The story also lacks comments from Telegram, which is a key platform involved in the alleged activities. Including these perspectives would have enriched the story and provided a more comprehensive view.

Additionally, while the article references the removal of apps by major companies, it does not delve into the implications of these actions or the companies' perspectives on hosting such apps initially. This omission suggests a slight imbalance, focusing more on the allegations than the broader context.

8
Clarity

The news story is generally clear and well-structured, presenting information in a logical sequence that makes it easy for readers to follow. The language used is professional and devoid of emotive or sensationalist terms, which contributes to a neutral tone throughout the article.

The article effectively breaks down complex information about cryptocurrency crime and dark web marketplaces into understandable segments. It explains technical terms like 'pig butchering' in a way that is accessible to readers who may not be familiar with such jargon. This clarity aids in maintaining reader engagement and comprehension.

However, there are a few areas where clarity could be improved. For instance, the story briefly mentions other services offered by Huione Group without providing much detail about their nature or operations. Expanding on these aspects would provide a more complete understanding of the group's activities. Additionally, the article could benefit from clearer transitions between topics to enhance the overall flow and coherence.

9
Source quality

The news story relies on high-quality sources such as Elliptic and Chainalysis, which are reputable entities in the field of cryptocurrency analysis. These organizations are known for their expertise in tracking illicit activities in the digital currency space. Their involvement lends significant credibility to the claims made in the article, as they provide detailed analyses and data on the activities of Huione Group.

The article also cites a CEO, Tom Robinson from Elliptic, providing additional authority and expert insight into the implications of the group's alleged activities. This use of authoritative voices enhances the reliability of the information presented.

However, the article could have benefited from a greater diversity of sources. While it does well to include expert analysis, incorporating perspectives from law enforcement agencies, cybersecurity experts, or industry insiders could have further bolstered the story's credibility and provided a more rounded view of the situation.

7
Transparency

The news story is moderately transparent, offering a clear account of the allegations against Huione Group and the involvement of major tech companies in hosting their apps. It provides context about the scale of the illicit activities and the nature of the dark web marketplace operated by Huione Group.

However, the article could be more transparent regarding the methodology used by Elliptic and Chainalysis in their investigations. While these organizations are reputable, an explanation of how they arrived at their conclusions would enhance the transparency of the claims. Additionally, the article does not disclose any potential conflicts of interest that might exist, such as financial or business relationships between the entities mentioned.

There is also a lack of disclosure regarding the potential biases of the sources. For instance, Elliptic and Chainalysis are commercial entities that may have interests in promoting their capabilities in tracking cryptocurrency crimes. Acknowledging this context would provide readers with a clearer understanding of the potential influences on the reporting.