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

Laurore Ltd Surfaces as Major Player in Bitcoin ETF Market

Laurore Ltd has emerged as a significant buyer of BlackRock's iShares Bitcoin Trust, acquiring 8,786,279 shares valued at approximately $337.3 million, raising questions about its identity and motivations.

Satoshi Nakamura21 minutes ago

Citigroup Raises Nvidia Stock Price Target to $270

Citigroup has raised its price target for Nvidia stock to $270, anticipating strong revenue growth and performance in the AI sector.

Jesper Sørensenan hour ago

Robert Kiyosaki Predicts Market Slide and Advocates for Accumulation

Robert Kiyosaki anticipates a significant market downturn and encourages investors to buy assets like Bitcoin and Ethereum during market panic.

Rajesh Kumaran hour ago

Legal Challenges Emerge for Crypto Platforms Amid Regulatory Scrutiny

Legal challenges arise for crypto platforms in the US as state regulators take action against unlicensed wagering, leading to disputes over contract classification.