A vast network of cybercrime marketplaces is making it alarmingly simple to become a professional fraudster, creating unprecedented cybersecurity challenges worldwide, experts warn.
From Skilled Hackers to Anyone with Internet Access
The stereotype of cybercriminals as lone hackers with exceptional technical skills is fading fast. “Back in the 1990s and early 2000s, you needed a reasonable level of technical competence to pull off these types of crimes,” says Nicholas Court, assistant director of Interpol’s Financial Crime and Anti-Corruption Centre. Today, the barriers to entry have dropped significantly. Even sending mass spam messages or acquiring personal data requires little skill, thanks to the rise of cybercrime-as-a-service (CaaS).
The Rise of Cybercrime-as-a-Service
“The past decade has seen rogue cybercriminals evolve into organized groups operating within a thriving underground economy,” says Tony Burnside, Vice President and Head of Asia-Pacific at cloud security firm Netskope.
CaaS marketplaces offer everything a budding scammer could need: ransomware tools, hacking kits, botnets for rent, and stolen data. These services allow criminals to scale operations while minimizing technical expertise. Typically hosted on the darknet — a hidden part of the internet that uses encryption for anonymity — markets like Abacus Market, Torzon Market, and Styx frequently emerge despite law enforcement crackdowns.
“These cybercriminal groups operate more like legitimate businesses, complete with structured processes and customer support,” Burnside adds. Payments are usually made in cryptocurrency, further obscuring identities and making transactions harder to trace.
Huione Guarantee: A One-Stop Shop for Cybercrime
While darknet markets are major players, illicit activity is increasingly migrating to the public internet and encrypted messaging apps like Telegram. Chainalysis, a blockchain research firm, identifies Huione Guarantee as the largest known cybercrime marketplace.
Affiliated with Cambodian conglomerate Huione Group, this Chinese-language platform facilitates nearly every form of cybercrime imaginable, from money laundering to crypto scams. Vendors pay to advertise, often luring buyers into private Telegram groups. If a deal goes through, Huione acts as an escrow service to “guarantee” payments.
According to Chainalysis, Huione vendors have processed $70 billion in crypto transactions since 2021. Another blockchain analytics firm, Elliptic, estimates that Huione Group entities have handled at least $89 billion in crypto assets, making it the largest illicit online marketplace ever discovered.
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