Adding a home communication service known as “ChatMe,” a cryptocurrency exchange (Huione Crypto), and a US dollar-backed stablecoin (“USDH”) shows that Huione Guarantee wants to be a full-service, self-sustaining platform. . The website for USDH, Elliptic researchers said, describes it as “unrestricted” by regulators around the world and says it “prevents general freezes and transfer restrictions” that may apply to other cryptocurrencies. In last year’s work, Elliptic found that in the first three years of its operation, Huione Guarantee seller moved around $11 billion on the platform. Less than a year later, researchers now estimate the cumulative total to be $24 billion. The expansion of various platforms all contribute to the improvement, but ultimately the escrow and transfer services are the core services. “Most of the funds on the market are related to vendors who run money laundering services that talk about the type of fraudulent proceeds they want to receive.” said that the owner of the platform, Huione Group, has worked to reduce the association with the market and the relationship between Huione Guarantee and other related services, such as Huione Pay. The market was instead changed to “Haowang Guarantee,” although Huione Group confirmed to researchers that Huione Guarantee is still a “strategic partner and shareholder.” ” said Jason Tower, country director for Myanmar at the United States Institute of Peace. “Telegram group is used to transfer a lot of cryptocurrencies at a significant discount. In comparison, competing platforms have lost a lot of users. This may be the result of a crackdown by the Chinese government. The researcher’s analysis suggests that this may be associated with money laundering. Users deposit crypto to wallet and then can transfer the balance to the individual Telegram group. The “game” is very rudimentary, though, and does not seem to involve any skill. Players also tend to bet continuously for a very long time, wager the same amount, and leaving proper intervals between bets. All of this “suggests automated gambling for money laundering purposes,” Robinson said. Despite Huione Guarantee’s seemingly too-big-to-fail strategy, Elliptic researchers say the platform So far, the stablecoin and cryptocurrency exchange Huion has failed to register significant transaction volumes, Robinson said, despite several promotions on existing communication channels. Because markets can drive transitions, continued reliance on third parties can still be a weakness—at least for now. “Huione’s guarantee is still dependent on certain centralized infrastructures, Tether and Telegram,” Robinson said. “I think now there is an opportunity to reduce it through the service provider. I think if we wait too long, then there is a possibility that they will move to their own infrastructure and it will be more challenging.
