#Huione Launches Stablecoin to Circumvent Regulation#
Hot Topic Overview
Overview
Huione, an illicit goods trading marketplace headquartered on Telegram, has launched its own stablecoin, USDH, in an attempt to circumvent regulatory scrutiny of traditional digital currencies. Offering personal data and money laundering services, Huione previously had its accounts frozen by Tether for its use of USDT, leading its users to shift to USDH. Elliptic's report states that Huione has facilitated $24 billion worth of transactions, including significant amounts used for "pig butchering" scams, and is linked to the Cambodian business conglomerate Huione Group. Thousands of vendors on the platform offer money laundering services, stolen personal data, and even electronic shackles used on human trafficking victims. Huione has also launched its own chat service to reduce reliance on third-party applications like Telegram.
Ace Hot Topic Analysis
Analysis
Huione, an illegal goods trading marketplace headquartered on Telegram, has launched its own stablecoin, USDH, in an attempt to circumvent regulatory restrictions on traditional cryptocurrencies. According to a report by blockchain security firm Elliptic, Huione provides personal data and money laundering services, and its transaction volume has reached $24 billion, including a significant amount of funds used for "pig butchering" scams. The launch of USDH is aimed at avoiding regulatory freezes and transfer restrictions on traditional stablecoins, such as Tether's freeze of a Huione Pay account in July 2024 linked to a theft case involving North Korean hacking group Lazarus Group. Huione has also launched its own chat service to reduce reliance on third-party applications like Telegram. Elliptic's research found that thousands of vendors on the Huione platform offer money laundering services, stolen personal data, technology, and other items needed for large-scale cyber scams, even including electronic shackles used for human trafficking victims. Huione is linked to the Cambodian corporate group Huione Group, and its platform is considered a crucial tool for carrying out illicit activities, posing a serious threat to global financial security.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Huione launched the stablecoin USDH to circumvent regulatory restrictions on traditional digital currencies, such as freezing and transfer restrictions.
Huione is an illegal goods trading market that provides personal data and money laundering services, and is associated with the Cambodian corporate group Huione Group.
There is a large amount of funds on the Huione platform that are used for the notorious “pig butchering” scams, as well as electronic shackles used for human trafficking victims.
Huione launched its own chat service to reduce reliance on third-party applications such as Telegram, further reducing regulatory risks.