Blockchain sleuths at analytics firm Elliptic claim to have uncovered what they allege to be money laundering and other purported crimes enabled by Cambodia-based marketplace Huione Guarantee in a new report published Wednesday. 

Since its founding in 2021, crypto wallets associated with Huione and its independent merchants have received at least $11 billion, according to Elliptic, which offered that number as a conservative estimate. 

“Not all of these transactions can be definitively linked to fraud or other illicit activity; however, the nature of the activity on Huione Guarantee suggests that the bulk of these payments relate to this,” the researchers wrote. 

According to Elliptic, Tether’s USDT stablecoin is one of the most popular payment options on the site, which …