The Huione Group, a Cambodian business entity associated with the biggest illegal online marketplace, recently introduced their own stablecoin, known as USDH.
As a crypto investor, I’ve just learned some intriguing news from an Elliptic report. This revelation emerges even amidst the continuous examination of their subsidiary, Huione Guarantee. Interestingly, this is a Telegram-based platform that operates in the criminal underbelly of Southeast Asia.
Elliptic’s study shows that the Huione Guarantee has handled transactions worth at least $24 billion, outpacing other underground marketplaces such as Hydra in this regard. Notably, Huione is recognized for its involvement in pig butchering scams and transnational criminal activities, with sellers providing services like money laundering, selling stolen data, and offering tools for extensive fraud.
The Huione Guarantee has similarly come under scrutiny due to its alleged ties with human trafficking and abusive activities within suspected fraudulent facilities.
This stablecoin will counteract constraints
In an effort to bypass financial and regulatory restrictions, Huione Group debuted USDH in September 2024. This digital currency, pegged to the U.S dollar, is promoted as a method to dodge regulatory scrutiny, enabling users to sidestep the freezes that are typical with traditional stablecoins such as USDT.
The launch takes place at a time when Huione Guarantee is persistently working on its transformation, renaming itself as “Haowang Guarantee,” yet preserving connections with the Huione Group.
Alongside their stablecoin, the company has also launched Huione Chain, their own blockchain technology. This is accompanied by a cryptocurrency exchange, a decentralized exchange, and a messaging application. These new advancements aim to diminish the group’s dependence on external platforms such as Telegram and increase control over suspicious transactions, making their operations more self-reliant.
elliptic’s research has given crypto platforms and law enforcement a means to track and halt transactions associated with Huione’s activities. However, Huione Assurance persists in expanding, as it sees more cryptocurrency investments coming in and an uptick in user numbers.
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2025-01-15 00:01