Elliptic Report Highlights Illegal Activities of Huione Platform

According to Foresight News, a report by blockchain security firm Elliptic reveals that the illegal trading platform Huione, with a total transaction volume of $24 billion, has launched its own stablecoin USDH and a chat service. Previously, the platform primarily used USDT, but after Tether froze its accounts in July 2024 due to connections with North Korea's Lazarus Group, Huione developed USDH to circumvent regulatory restrictions. Elliptic's investigation indicates that the platform is linked to the Cambodian Huione Group and is involved in illegal activities such as money laundering, fraud, and human trafficking. These activities include forced online scams within the Golden Fortune Technology Park.