How Huione Guarantee Became the Largest Online Market for Illegal Operations

by Giorgi Kostiuk

a year ago

Huione Guarantee, dubbed as the 'largest illicit online marketplace', has seen a significant 51% growth over the past six months due to its September launch of a stablecoin USDH.

Launch of USD Stablecoin and Its Impact

Huione Guarantee's growth was significantly boosted by the September launch of its USDH stablecoin aimed at avoiding regulatory oversight. USDH was issued on multiple blockchains, including Ethereum, BNB Chain, and Tron.

Elliptic Investigation and Findings

Elliptic reported that monthly inflows increased by 51% and the user base has surpassed 900,000. The platform represents the largest illicit online marketplace, heavily contributing to money laundering operations in Southeast Asia.

"Perhaps no other single entity bears as much responsibility for the global cyber scam epidemic as Huione Guarantee."

Huione's Technological Developments

Huione launched its own blockchain Huione Chain and a decentralized exchange, alongside a messaging service, which reduces reliance on third-party apps like Telegram.

Huione Guarantee's latest advancements highlight rapid growth and technological innovation. However, the platform remains under scrutiny due to suspected involvement in illicit activities.

Rewards

More rewards

Discover enhanced rewards on our social media.

Other news

Traditional Payment Systems Struggle in Nigeria Amid Crypto Rise

Traditional payment systems like Apple Pay and PayPal face significant challenges in Nigeria, with users reporting account locks and failed verifications, while stablecoins like USDT gain popularity.

Elias Mukurua minute ago

iShowSpeed Makes History with USDT Purchase in Nigeria

iShowSpeed makes headlines by purchasing earrings worth 23 million naira using Tether's USDT in Nigeria, showcasing the growing acceptance of stablecoins.

Diego Alvareza minute ago

Solana ETF Sees First Outflows in Two Weeks

On Thursday, the Solana ETF recorded $22 million in outflows, marking the first daily decline after a week of trading sessions.

Maria Fernandeza minute ago

Sentient Token Surges Despite Broader Market Decline

Sentient (SENT) token surged over 60% despite a nearly 5% decline in the overall cryptocurrency market, driven by technical factors and traders seeking alternatives to Bitcoin's weakness.