Dark Web’s New Stablecoin Sparks Global Intrigue: Is a $49 Billion Crypto Heist Operation Unraveling?

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An unauthorized online marketplace known as Huione Guarantee has introduced its proprietary stablecoin, USDH, which could potentially support illicit activities like fraud schemes termed “pig butchering.” Huione Guarantee, allegedly under the Cambodian conglomerate Huione Group, facilitates scams by exploiting personal relationships to swindle victims. The marketplace, reportedly involved in laundering fraud proceeds, has executed transactions valuing $24 billion according to security firm Elliptic, with Chainalysis suggesting a larger figure at $49 billion. Previously reliant on Tether’s USDT, which has capabilities to freeze accounts suspected of illegal activity, Huione Guarantee might have shifted to its stablecoin to avoid such interventions.

The practice known as “pig butchering” has resulted in stolen amounts exceeding $75 billion, as per a University of Texas report. These scams often involve victims who are coerced into targeting others. Notably, journalist Mech Dara was previously arrested over exposing ties between scam operations and politicians in Cambodia, including Senator Ly Yong Phat, who faces sanctions related to human trafficking linked to crypto scams.


On another front, Sony’s new Ethereum Layer-2 network, Soneium, faced criticism shortly after its launch for blacklisting certain memecoin contracts citing intellectual property infringements. Critics argue this undermines the decentralized nature desired by the blockchain community. Although funds remain unaffected, the blacklisting blocks public interactions with the flagged contracts. Despite the backlash, Soneium is pushing ahead with agreements with Sony Pictures and Sony Music for exclusive fan contents via NFTs.

Meanwhile, North Korean state operatives have been implicated in significant cryptocurrency thefts amounting to $650 million in 2024. These funds are reportedly funneling into North Korea’s weapon programs, which, according to the United Nations, have yielded an arsenal of approximately 50 nuclear warheads. The orchestrated crypto heists have primarily targeted Asia-based exchanges. The US and its allies Japan and South Korea have vowed to counter these escalating cyber threats through collaborative measures.

In South Korea, the largest cryptocurrency exchange, Upbit, faces potential suspension over alleged non-compliance with KYC and AML rules. If the violation claims are validated, Upbit may halt new customer registrations for a six-month duration. This development comes amid the ongoing review of Upbit’s business license renewal, raising concerns over the exchange’s operational future.