Huione’s Controversial Launch
In a surprising move, Huione, a marketplace known for its connection to illicit services on Telegram—ranging from the sale of personal data to money laundering—has launched a new stablecoin called USDH.
This news comes courtesy of blockchain security firm Elliptic.
The motivation for creating USDH seems clear: to escape the conventional regulatory frameworks that typically govern digital currencies.
Huione’s website boasts that the new stablecoin operates outside of standard financial oversight, making it an appealing option for users looking for greater flexibility.
Transition from Tether to USDH
Previously, Tether (USDT) served as the primary currency for transactions on the platform.
However, the landscape shifted drastically after Tether locked one of Huione Pay’s accounts in July 2024, following suspicious fund transfers traced back to the North Korean hacking group, Lazarus.
In a bid to further bolster its ecosystem, Huione has also rolled out its own chat application, aimed at reducing reliance on external messaging platforms like Telegram.
Illicit Activities and Regulatory Implications
Elliptic’s research has unveiled startling statistics: Huione has facilitated transactions exceeding $24 billion, a notable portion of which is connected to the infamous pig butchering scams.
Operating predominantly in Chinese, Huione has ties to the Huione Group, a conglomerate based in Cambodia.
The platform houses a disturbing assortment of vendors, many of whom offer services for money laundering and access to stolen personal data.
Shockingly, some listings even advertise electric shackles, suggesting a potential link to human trafficking activities.
Prominent among the money laundering services advertised is one that claims to operate out of the Golden Fortune Science and Technology Park, a site alleged to be a labor camp exploiting individuals from Vietnam, Malaysia, and China for cyber scams—employing tactics enhanced by advances in natural language processing.
As Huione pushes forward with USDH in this controversial environment, the implications of its launch will undoubtedly provoke intense scrutiny and further discussion regarding the regulation of digital currencies and the fight against illicit online activities.
Source: Coindesk
