- Google Play Store removes Huione Guarantee’s mobile app following surge in illicit marketplace activity.
- Platform’s monthly transactions reach $24 billion with over 900,000 users.
- Huione launches USDH stablecoin after Tether freezes account linked to North Korean Hackers.
- Platform expands services to include blockchain, DEX, and messaging application.
- Elliptic identifies platform as major facilitator of cyber fraud in Southeast Asia.
Google Play Store Removes Major Illicit Marketplace App
Google has removed the mobile application of Huione Guarantee, a Telegram-based marketplace, from its Play Store following reports of substantial growth in illegal activities. The platform, recently rebranded as Haowang Guarantee, has experienced a 51% increase in monthly transaction volume over six months.
Record-Breaking Transaction Volume
According to Elliptic’s latest analysis, the platform’s transaction volume has reached $24 billion, with user numbers exceeding 900,000. The crypto compliance firm identifies Huione as the largest illicit online marketplace in history, highlighting its role in facilitating money laundering and cyber Scams.
Stablecoin Launch and Platform Expansion
Following Tether’s freezing of Huione Pay’s USDT account in July due to alleged connections with the North Korean Lazarus Group, the platform introduced its own stablecoin, USDH. The token operates on multiple blockchains including Ethereum, BNB Chain, and tron, alongside Huione’s proprietary blockchain.
Security Concerns and Regulatory Response
While removed from Google’s marketplace, the applications remain available on Apple‘s App Store. The platform’s expansion includes a decentralized exchange (DEX) – a peer-to-peer trading platform for cryptocurrencies – and a messaging service, reducing reliance on external applications like Telegram.
The move follows Telegram founder Pavel Durov’s arrest in France and subsequent pledge to enhance platform moderation. Elliptic’s investigation revealed numerous vendors offering illicit services, including money laundering and stolen data trading, leading to the platform’s identification as a primary enabler of cyber fraud operations in Southeast Asia.
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