According to crypto compliance firm Elliptic, the illicit online marketplace Huione Guarantee has seen a 51% increase in monthly inflows over the past six months, driven by the launch of its own USD stablecoin in September. With over $24 billion in transactions and more than 900,000 users, Huione Guarantee has been identified as the largest illicit marketplace ever. The recent launch of the stablecoin, designed to elude regulatory oversight, follows Tether freezing one of Huione Pay's accounts due to connections with North Korea's Lazarus Group. Huione Guarantee has also introduced its own blockchain and a decentralized exchange for the stablecoin. Thousands of vendors are reportedly offering services for money laundering and online fraud, indicating the platform's significant role in cyber scam operations in Southeast Asia.

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