#Huione Launches Stablecoin to Circumvent Regulation#
Hot Topic Overview
Overview
Huione, an illegal goods trading marketplace headquartered on Telegram, has launched its own stablecoin USDH, aimed at circumventing regulatory restrictions on traditional digital currencies. Previously, Huione users primarily used USDT, but after Tether froze a Huione Pay account, they began seeking alternatives. USDH is not subject to traditional regulatory oversight and is intended to help Huione evade regulatory scrutiny. The Huione platform offers illegal services such as personal data and money laundering, and is linked to criminal activities such as "pig butchering" scams. Elliptic's report indicates that Huione has facilitated $24 billion in transactions and is associated with the Cambodian corporate group Huione Group.
Ace Hot Topic Analysis
Analysis
Huione, an illicit goods marketplace headquartered on Telegram, has launched its own stablecoin, USDH, in an attempt to circumvent traditional digital currency freezes and transfer restrictions, as well as escape regulatory oversight. Previously, Huione users primarily relied on USDT, but in July 2024, Tether froze a Huione Pay account after it received funds linked to a theft by the North Korean hacking group Lazarus Group. To lessen its dependence on third-party applications, Huione has also launched its own chat service. According to a report by blockchain security firm Elliptic, Huione has facilitated $24 billion in transactions, including significant sums used for “pig butchering” scams. The platform offers money laundering services, stolen personal data, technology, and has ties to the Cambodian conglomerate Huione Group. Elliptic research has also revealed the presence of electronic shackles used on victims of human trafficking on the Huione platform, along with money laundering services claiming to represent and operate out of re-education camps that force Vietnamese, Malaysian, and Chinese citizens to engage in online scams. Huione’s move to launch a stablecoin is an indication of its efforts to continue its illicit activities by circumventing regulation.
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 account freezing and transfer restrictions.
Huione is an illegal market that provides personal data and money laundering services, and its stablecoin USDH is not subject to traditional regulatory restrictions.
Huione has reduced its reliance on third-party applications by launching its own chat service, further reducing regulatory risks.
Before the launch of Huione's stablecoin USDH, its users primarily used USDT, but Tether froze a Huione Pay account, leading Huione to seek new payment methods.