Google has pulled Huione from the Play Store amid allegations of money laundering

Huione Guarantee has had its mobile app removed from the Google Play Store following platform activity on the Telegram marketplace, known for its use by criminal organizations in Southeast Asia.

Huione Guarantee, described by crypto compliance firm Elliptic as “the largest online illegal marketplace,” has increased its monthly traffic by 51% in six months. This growth coincides with the launch of its USDH stablecoin in September.

Elliptical report dated January 14 Huione notes that Guarantee transactions have grown to $24 billion. Elliptical in July said Huione Guarantee’s online marketplace has been heavily linked to money laundering and cyber fraud.

According to Elliptic’s latest results, the number of users on the platform has exceeded 900,000. Elliptic claims these figures show Huione Guarantee is “the largest online illegal marketplace ever to operate”.

The organization has recently introduced various crypto-related products, including a 1:1 USD stablecoin, a blockchain, a decentralized exchange, and a messaging app. According to press release, the apps are still available in Apple’s App Store, but have been removed from Google’s Play Store.

Huion’s growth is due in part to the launch of the USDH stablecoin. A new stablecoin was released later Tether froze one of Huione Pay’s USDT accounts in Julyfor alleged links to North Korea’s Lazarus group.

USDH is issued on the Ethereum (ETH), BNB Chain (BNB) and Tron (TRX) blockchains, as well as its own Huione Chain. is prone to confusion with another stablecoin called USDHSolana based DeFi protocol launched by Hubble.

Huione has its own blockchain, Huione Chain, 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 is as follows Telegram founder Pavel Durov was arrested August 2024 in France. Founder after release promised significant improvement Moderation on Telegram, where most of Huione’s deals are currently made.

After the Elliptical Report, the platform rebranded from Huione Assurance to Haowang Assurance. Elliptic’s research uncovered “thousands of sellers” on the platform advertising “money laundering services, stolen personal data, technology and other items needed to run online fraud on an industrial scale.”

Elliptic concluded that the platform “has become a key enabler of cyber fraud operations in Southeast Asia.” The firm emphasized that “no organization can take responsibility for the global cyber fraud epidemic that has cost countless lives like Huione Guarantee.”

Edited by Stacey Elliott.