The addition of an internal communications service known as ‘Chatme’, a cryptocurrency exchange (Huione crypto), and the US dollar-supported stableecoin (‘USDH’) indicates that Huione guarantee is looking for a real, self-sufficient Platform that becomes a full service. According to the elliptical researchers, the USDH website is as ‘not limited’ by regulators around the world and says that it ‘avoids the general freeze and transfer restrictions’ that can be applied to other cryptocurrencies.

In his work last year, Elliptic found that Huione warranty sellers moved about $ 11 billion on the platform in the first three years of his operation. Less than a year later, the researchers now estimate that the cumulative total is $ 24 billion. The different expansions of the platform all contribute to the increase, but eventually the sponsor and transfer services are the core service.

“With Huione guarantee, the primary thing sold is the returns of online spectacial,” Robinson claims. “The vast majority of funds passing through the market are in connection with sellers who openly offer money laundering services talking about the types of fraud returns they are willing to accept.”

Meanwhile, the researchers say that the owner of the platform, Huione Group, will lower its association with the market and the relationship between Huione warranty and other linked services, such as Huione Pay. The market was even re -named as ‘Haowang -guarantee’, although Huione Group confirmed to the researchers that Huione guarantee is still a ‘strategic partner and shareholder’.

“The Huione guarantee group on telegram is still used extensively, with more than 139,000 users,” says Jason Tower, Myanmar’s land director at the United States Institute of Peace. “Telegram groups are used to move large sums of cryptocurrencies at a significant discount. By comparison, competitive platforms have lost a significant number of users. This is probably the result of oppression by the Chinese government. “

Robinson says an initial analysis of elliptic found that about $ 6 billion went through one telegram bot that was allegedly used ‘mainly for online gambling on Huione warranty.’ The researchers’ analysis indicates that it can also be linked to money laundering. Users deposit crypto into a wallet and can then shift their balance into individual minigames that exist in their own telegram groups. However, the ‘games’ are extremely rudimentary, and it does not seem to involve a skill. Players also tend to bet consistently over very long periods, similar quantities and leave the exact intervals between their bets. All this “suggests automatic gambling for the purposes of money laundering rather than entertainment,” Robinson claims.

Despite the apparent too-to-fail strategy of Huione Garanten, the elliptical researchers say that the platform is far from the self-sufficient way. So far, Huione’s stableecoin and cryptocurrency exchange have failed to register significant volumes of transactions, says Robinson, despite some promotion within his existing communication channels. As the market works to push the transition, the constant dependence on third parties can still be a weakness – at least for now.

“Huione warranty still depends on certain centralized infrastructure, Tether and Telegram,” Robinson says. “I think there is now an opportunity to suppress it by the service providers. I think if we wait too long, there is a chance that they move to their own infrastructure and become more challenging. “