Share this article
Company Behind Illicit $24B Telegram Marketplaces Launches Stablecoin
Huione's stablecoin is "not restricted" by regulatory agencies.
Updated Jan 17, 2025, 3:55 p.m. Published Jan 14, 2025, 9:00 a.m.
What to know:
- Illicit goods marketplace Huione has rolled out a stablecoin and its own chat service as it looks to distance itself from third-party services like Telegram and Tether.
- Elliptic claims Huione has facilitated $24 billion worth of transactions related to money laundering, fraud, personal data and pig butchering.
Huione, a Telegram-based illicit marketplace that offers personal data and money laundering services has rolled out its own stablecoin, according to report by blockchain security firm Elliptic.
The stablecoin (USDH) was created to “avoid the common freezing and transfer restrictions of traditional digital currencies.” The Huione website adds that “USDH is not restricted by traditional regulatory agencies.”
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Prior to the launch of USDH, users on Huione were almost exclusively using tether . Tether froze one of Huione Pay’s accounts in July 2024 after a wallet received funds linked to a theft attributed to North Korea’s Lazarus Group.
The company also released its own chat service to make it less reliant on third-party apps like Telegram.
The report claims that Huione has facilitated $24 billion worth of transactions including a large portion of the funds used in infamous pig butchering scams. It is a Chinese-language market and has links to Huione Group, a Cambodian conglomerate.
Elliptic research found that "thousands of vendors" are offering "money laundering services, stolen personal data, technology and other items necessary to conduct online fraud on an industrial scale." It also found electric shackles intended for use on human trafficking victims.
One of the money laundering services claims to be representing and operating from the Golden Fortune Science and Technology Park, a reported labor camp that forces Vietnamese, Malaysian and Chinese nationals to carry out cyberscams.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
