What to know:
- Illicit goods marketplace Huione has rolled out a stablecoin and its own chat service as it looks to distance itself from third-party services like Telegram and Tether.
- Elliptic claims Huione has facilitated $24 billion worth of transactions related to money laundering, fraud, personal data and pig butchering.
According to a report by blockchain security company Elliptic, an underground marketplace on the Telegram platform called Huione, which deals in illegal activities such as selling personal data and money laundering services, has introduced its own cryptocurrency, a stablecoin.
The digital currency, USDH, was designed as a solution to the typical limitations on unfreezing and transferring funds found in conventional digital assets. According to Huione’s site, USDH operates independently of traditional regulatory bodies.
Before the introduction of USDH, Huione’s users predominantly relied on Tether (USDT). However, in July 2024, Tether froze one of Huione Pay’s accounts due to funds being traced back to a theft that was allegedly perpetrated by North Korea’s Lazarus Group and linked to the account.
Additionally, the business unveiled their very own chat platform as a means to reduce dependency on external applications such as Telegram.
The report suggests that Huione, a company associated with the Huione Group of Cambodia, has been involved in transactions totaling approximately $24 billion. A significant portion of these funds are believed to have been connected to the notorious pig butchering scams, which are prevalent in the Chinese market.
elliptic research uncovered evidence indicating that numerous merchants provide services related to money laundering, the selling of stolen personal information, advanced technology, and various items crucial for executing large-scale internet fraud. Additionally, it discovered devices resembling electric shackles, which are often associated with human trafficking.
One service allegedly involved in money laundering presents itself as based within the Golden Fortune Science and Technology Park, a facility with reports suggesting it operates as a forced labor camp where individuals from Vietnam, Malaysia, and China are compelled to perform cyber scams.
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2025-01-14 12:18