Illicit HuiOne Telegram Market Surpasses Hydra, Hits $24 Billion in Crypto Transactions

HuiOne Guarantee, operating primarily through Telegram, has emerged as the largest illicit online marketplace, with cryptocurrency transactions exceeding $24 billion—eclipsing the now-defunct Hydra market. Established in 2021, HuiOne offers a range of illegal services, including money laundering, stolen data sales, and tools for online fraud. Its rapid expansion is attributed to the anonymity provided by cryptocurrency and the widespread use of encrypted messaging platforms. Recent reports indicate that HuiOne has launched its own stablecoin, USDH, and a decentralized crypto exchange, aiming to create a self-sufficient ecosystem and evade regulatory scrutiny. This development poses significant challenges for global cybersecurity efforts, as the platform’s growth facilitates transnational organized crime and complicates law enforcement interventions. The situation underscores the urgent need for enhanced monitoring and regulation of such platforms to combat the proliferation of cybercrime.