Huione Launches USDH Stablecoin to Facilitate Transactions on Illicit Marketplace
Huione, a Telegram-based illicit marketplace, has launched its stablecoin, USDH, to circumvent the limitations of traditional digital currencies. Key points include:
- USDH aims to avoid freezing and transfer restrictions imposed by regulatory agencies.
- Prior to USDH, users primarily relied on USDT.
- Tether froze an account linked to Huione in July 2024 due to connections with North Korean thefts.
- Huione has also introduced its own chat service to reduce dependency on third-party apps.
- The platform has facilitated $24 billion in transactions, including funds for pig butchering scams.
- Elliptic's research highlights thousands of vendors providing money laundering services and stolen data.
- Some services are reportedly based at the Golden Fortune Science and Technology Park, associated with forced labor camps for online scams.