Huione Guarantee has gained notoriety as the largest illicit online marketplace, with transaction volumes reaching $24 billion. Elliptic research sheds light on the company's new cryptocurrency offerings and raises concerns.
Huione's Role in Global Online Fraud
According to Elliptic's latest report, Huione Group launched a range of cryptocurrency products, including the USDH stablecoin. It is described as a tool for bypassing regulatory oversight and asset freezing. USDH is issued on blockchains such as Ethereum, Binance Smart Chain, and Huione Chain. In July 2024, Tether froze a wallet linked to Huione due to suspected ties to the Lazarus Group. Huione has also launched a decentralized exchange, a crypto wallet, and the ChatMe messaging app, enhancing operational anonymity.
51% Growth in 6 Months
Huione Guarantee is accused of supporting transnational organized crime, including human trafficking. Vendors reportedly operate from compounds exploiting trafficked individuals. Despite policies against human trafficking, the platform's transaction offerings remain unchanged. Cryptocurrency inflows to wallets associated with Huione Guarantee grew by 51% since July 2024, with user numbers exceeding 900,000.
The Future of Huione Guarantee
Huione Guarantee continues to defy laws by offering money laundering services and stolen data dissemination. Despite attempts to improve its reputation and distance from the parent company, ties to Huione Group remain intact.
Huione Guarantee establishes itself as the largest illicit marketplace online, posing significant risks to global security. Regulatory measures and international cooperation are needed to combat such threats.
