Official statements or reports from Tether

HuiOne Guarantee, Operated by HuiOne Group, Surpasses Hydra with $24 Billion in Crypto Transactions

Jan 15, 2025, 01:30 PM

The HuiOne Guarantee, a Telegram-based marketplace operated by the HuiOne Group, has surpassed the now-defunct Hydra to become the largest online illicit marketplace, with cryptocurrency transactions reaching $24 billion. According to blockchain analytics firm Elliptic, the marketplace has seen a 51% increase in monthly inflows since July 2024. HuiOne Guarantee has been linked to various illicit activities including money laundering, scams, and the sale of stolen data. The marketplace has been associated with transnational organized crime groups and has faced actions such as Tether freezing $29.62 million in cryptocurrency linked to the platform. In contrast, the total illicit cryptocurrency volume for 2024 is projected to reach $51.3 billion, with stablecoins accounting for 63% of such transactions, as reported by Chainalysis. This shift marks a notable change from previous years where Bitcoin was more dominant in illicit activities.