Security Company: Illegal Trading Platform Huione Launches Its Own Stablecoin USDH to Evade Regulatory Restrictions

2025-01-14 17:35:18

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ChainCatcher news, according to CoinDesk, blockchain security company Elliptic reported that the illegal trading platform Huione, with a total transaction volume of $24 billion, has launched its own stablecoin USDH and chat service.

The platform previously primarily used USDT, but after Tether froze its accounts in July 2024 due to involvement with North Korea's Lazarus group, it developed USDH to circumvent regulatory restrictions.

Elliptic's investigation shows that the platform is related to the Cambodian Huione Group and is involved in illegal activities such as money laundering, fraud, and human trafficking, including forced online scam activities within the Golden Fortune Technology Park.

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Illegal trading platform USDH Huione

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