Illicit Telegram Marketplace Huione Launches Controversial Stablecoin
Huione stablecoin—a top vendor of criminal behavior—was noted by Elliptic, a crypto security company. Huione market exists on Telegram, too, selling hacked Twitter and Facebook accounts, compromised social security numbers, and hacked Google Drive accounts with money laundering.
Huione Illicit $24B Telegram Marketplaces Launches Stablecoin
Huione’s stablecoin, USDH, gives new users the opportunity to bypass “freezing and transfer restrictions” of Tether and with Huione’s market—seemingly linked to the Huione stablecoin—operates under the guise of no governmental regulation, meaning any purchase, transfer, or sale will be done illicitly.
Before the introduction of USDH, Huione’s users primarily relied on Tether (USDT) for transactions. However, this reliance proved problematic when Tether frozen one of Huione Pay’s accounts in July 2024. The freeze occurred after the account received funds linked to a theft allegedly carried out by North Korea’s Lazarus Group. The creation of USDH appears to be a direct response to such regulatory actions, offering Huione users an alternative immune to similar interventions.
Expansion Beyond Telegram
In addition, with the development of USDH, Huione has also developed its own chat service. This similarly minimizes reliance on third-party software, like Telegram, and ensures a more secure, stable operating environment for the brand. When a company can provide its own options, it’s not as exposed to the external pressures of others who could halt a company’s productivity and provide unwanted annoyances to consumers.
The Elliptic report claims Huione processed $24 billion in transactions. Of that, millions come from nefarious transactions; some are connected to “pig butchering” scams. This exchange relies on the Huione Group, a Cambodia-based parent company for financial services, and operates largely in Chinese. Its operations are not solely currency laundering, and nefarious actions run deeper.
Vendors on the platform offer a variety of illegal services and goods, including money laundering operations that reportedly run from places like the Golden Fortune Science and Technology Park. According to reports, this place is a labor camp where people from China, Malaysia, and Vietnam are coerced into taking part in cyberscams. Other services include stolen personal information, which is essential for facilitating online fraud and identity theft, as well as a range of tools and technology intended to carry out extensive cybercrimes. It’s particularly concerning that the marketplace has been connected to the sale of goods like electronic shackles, which are allegedly utilized in human trafficking schemes.
A Platform for Industrial-Scale Fraud
With thousands of companies offering the resources, services, and technologies required for extensive online scams, Huione has established itself as a center for large-scale fraud. According to Elliptic’s findings, the platform facilitates a wide range of nefarious activities, including serious human rights abuses and financial crimes.
Huione keeps developing and strengthening its position in the dark web economy with the release of USDH and its own chat service. These changes demonstrate how sophisticated illegal markets are becoming and how difficult it is for authorities and security companies to stop their operations.
