Huione Unveils Its Own Stablecoin Amid Allegations
Huione, a notorious marketplace operating on Telegram that provides services for money laundering and personal data trafficking, has announced the launch of its stablecoin, USDH. This move is aimed at reducing dependence on regular financial systems and regulatory frameworks.
What You Need to Know:
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Huione claims that its stablecoin is designed to bypass the typical limitations faced by conventional digital currencies. The website asserts that USDH "is not restricted by traditional regulatory agencies."
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Prior to launching USDH, most transactions conducted by users on Huione relied on Tether (USDT). This reliance led to trouble when Tether froze one of Huione’s accounts back in July 2024, following a fraud incident linked to North Korea’s Lazarus Group.
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In a bid to enhance autonomy, Huione has also introduced its own chat service to facilitate communications, reducing dependencies on other messaging platforms, notably Telegram.
According to reports from the blockchain security firm Elliptic, Huione has facilitated transactions totaling a staggering $24 billion — a significant amount attributed to various fraud operations, including infamous pig butchering scams. The platform operates primarily in Chinese and has associations with the Huione Group, a large conglomerate based in Cambodia.
Elliptic's research uncovered that Huione hosts thousands of vendors involved in providing illicit services such as money laundering, selling stolen personal information, and other fraudulent online activities on a grand scale.
This new direction by Huione highlights a growing trend among illicit marketplaces to develop their own currencies, allowing them to circumvent traditional financial systems while maintaining their operations amidst increasing scrutiny.
