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.

ChainCatcher news, Tether has frozen a TRON wallet TNVaKW containing 29.62 million USD in USDT, suspected to be related to criminal activities and cryptocurrency money laundering.Bitrace analysis indicates that this address is linked to the guarantee business of the Cambodian Huione Group, which is attempting to transfer funds through a new address TQuFSv to evade the freeze. Bitrace warns Web3 practitioners to remain vigilant when engaging in cryptocurrency payment activities, ensuring compliance and due diligence to avoid legal and financial risks.

ChainCatcher news, according to The Block, blockchain analysis company Elliptic released a report on Wednesday stating that the Cambodian market Huione Guarantee is suspected of money laundering and other criminal activities.Since its establishment in 2021, Huione and its merchants' crypto wallets have received at least $11 billion, primarily using Tether (USDT) for transactions. Elliptic pointed out that Huione executives are connected to Cambodian Prime Minister Hun Manet and claimed that the platform turns a blind eye to crimes such as money laundering and "sexual exploitation." Elliptic has identified and labeled hundreds of cryptocurrency addresses controlled by Huione, helping to prevent further money laundering activities.