Blocksec Flags Ponzi Network Moving $1.6B
Blocksec Flags Ponzi Network Moving $1.6B
Blocksec uncovered a $1.6 billion Ponzi scheme that moved funds through USDT on the TRON network over 16 months. The primary keyword blocksec flags ponzi network moving highlights the severity of this issue.
Ponzi Scheme Uncovered
The investigation, based on on-chain analysis, identified a set of interconnected wallets organized in multiple functional layers: fund collection addresses, intermediaries, payment channels, and a shared liquidation point on exchanges. The scheme operated under the guise of VerilyHK, a platform that presented itself as a health technology group headquartered in Hong Kong.
Wallet Structure
The wallet structure used by VerilyHK is quite complex. The scheme rotated at least 15 collection addresses, divided into eight distinct generations that succeeded one another throughout the active period. Over time, the volume processed grew steadily until the last generation of wallets moved $900 million in less than four months.
Connections to Huione Group
Blocksec’s on-chain analysis also exposed connections to Huione Group, the Cambodian custody service previously linked to multiple hacks and laundering schemes. In this case, the Ponzi’s central hub reportedly processed around $4.6 million with addresses associated with Huione, while additional deposits of $4.2 million and $1.5 million were made directly to two of the group’s wallets.
USDT Circulation
USDT currently exceeds 86 billion tokens in circulation on the TRON network and more than 73 million active wallets. The network processes around 34 million daily transactions, close to its all-time high.
Key Takeaways
- The Ponzi scheme moved at least $1.6 billion in USDT on the TRON network over 16 months.
- The scheme operated under the guise of VerilyHK, a platform that presented itself as a health technology group.
- Connections to Huione Group, a Cambodian custody service, were exposed through on-chain analysis.
- USDT circulation on the TRON network exceeds 86 billion tokens, with over 73 million active wallets.
Frequently Asked Questions
What is the primary keyword related to this issue?
The primary keyword is blocksec flags ponzi network moving, which highlights the severity of this issue.
How much did the Ponzi scheme move in USDT?
The Ponzi scheme moved at least $1.6 billion in USDT on the TRON network over 16 months.
