rewrite this title Google Pulls Huione App from Play Store Amid Money Laundering Allegations – Decrypt

Huione Guarantee, a Telegram-based marketplace well known for its use by criminal organizations in Southeast Asia, has had its mobile app delisted from the Google Play store after activity on the platform ballooned.

Huione Guarantee, described by the crypto compliance firm Elliptic as “the largest online illicit marketplace to have ever operated,” has increased its monthly inflows by 51% over six months. This growth coincides with the September launch of its own USD stablecoin, USDH.

Elliptic’s Jan. 14 report states that Huione Guarantee’s transactions have swelled to $24 billion. In July, Elliptic reported that Huione Guarantee’s online marketplace was significantly linked to money laundering and cyber scams.

According to Elliptic’s latest findings, the number of users on the platform has risen to over 900,000. Elliptic maintains that these figures indicate Huione Guarantee is “the largest online illicit marketplace to have ever operated.”

The organization recently introduced various crypto-related products, including a 1:1 U.S. dollar stablecoin, a blockchain, a decentralized exchange, and a messaging app. As of press time, the applications are still available on Apple’s App Store but have been removed from Google’s Play Store.

Huione’s growth has been partly attributed to the launch of the USDH stablecoin. The new stablecoin was released after Tether froze one of Huione Pay’s USDT accounts in July, due to alleged links with the North Korean Lazarus Group.

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

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

The new chat application’s launch follows the arrest of Telegram founder Pavel Durov in France in August 2024. Following his release, the founder vowed to “significantly improve” moderation on Telegram, where most Huione deals are currently made.

Following the Elliptic report, the platform has rebranded from Huione Guarantee to Haowang Guarantee. Elliptic’s research uncovered “thousands of vendors” 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 key enabler of cyber scam operations in Southeast Asia.” The firm highlighted that “perhaps no other single entity bears as much responsibility as Huione Guarantee for the global cyber scam epidemic, which has ruined countless lives.”

Edited by Stacy Elliott.