Security company: Illegal trading platform Huione launched its own stablecoin USDH to circumvent regulatory restrictions

blockchain security company Elliptic has 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 mainly used USDT, but developed USDH to evade regulatory restrictions after Tether froze its account in July 2024 due to its involvement with the North Korean Lazarus organization.

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 mandatory online fraud activities in the Golden Fortune Technology Park.