Huione Daman, a Telegram-based marketplace known to be used by criminal organizations in Southeast Asia, has had its mobile app removed from the Google Play Store after a swell of activity on the platform.

Huione Daman, described by cryptocurrency compliance firm Elliptic as “the largest illicit online marketplace to ever operate,” increased its monthly flows by 51% over six months. This growth coincides with the launch in September of the US dollar-based stablecoin, USDH.

Elliptic report January 14 It states that Huione's collateral transactions have swelled to $24 billion. In July, elliptical I mentioned That Huione's online marketplace Guarantee was heavily linked to money laundering and Internet fraud.

According to Elliptic's latest findings, the number of users on the platform has risen to over 900,000. Elliptic asserts that these numbers indicate that Huione Daman is "the largest online illicit marketplace ever to operate."

The organization has recently introduced several cryptocurrency-related products, including a 1:1 USD stablecoin, a blockchain, a decentralized exchange, and a messaging app. As of press time, the apps are still available on the Apple App Store but have been removed from the Google Play Store.

Huione's growth is partly attributed to the launch of the USDH stablecoin. The new stablecoin was then released Tether froze one of Huione Pay's USDT accounts in JulyDue to alleged links with the North Korean Lazarus Group.

USDH is issued on the Ethereum (ETH) blockchain, the BNB (BNB) blockchain, and TRON (TRX), as well as its Huione blockchain. It is subject to confusion with another so-called stablecoin US dollarsissued by the DeFi protocol based on Solana Hubble.

Huione Chain, Huione's blockchain, hosts a decentralized exchange that allows users to exchange USDH for other crypto assets. Finally, the platform introduced its own chat service to reduce dependence on external applications.

The launch of the new chat application comes after Telegram founder Pavel Durov arrested In France in August 2024. After the founder's release He pledged to "improve significantly" Moderation on Telegram, where most of Huione's trades are currently taking place.

After Elliptic's report, the platform was rebranded from Huione Warranty to Haowang Warranty. Elliptic's research revealed "thousands of sellers" on the platform advertising "money laundering services, stolen personal data, technology, and other items necessary to conduct online fraud on an industrial scale."

Elliptic concluded that the platform “has become a major enabler of online fraud in Southeast Asia.” The company stressed that "perhaps no other entity bears as much responsibility as Huione Assurance for the global cyber fraud epidemic, which has devastated the lives of countless people."

Modified by Stacey Elliott.