Tether has taken action to freeze a Tron (TRX) wallet containing over 28 million USDT tokens, which are believed to be associated with criminal activities, including money laundering and fraud. This significant move was reported by an account dedicated to monitoring Tron and Ethereum (ETH) stablecoins, known as USDT/USDC Ban List, on July 13. The blacklisted address, identified as TNVaKW, held approximately $28.25 million in USDT.
Involvement of Huione Group
The wallet in question is suspected of being connected to the Cambodian company Huione Group. On July 14, blockchain security firm Bitrace revealed in a post on X that the frozen wallet, activated on July 9, was linked to Huione Group’s Guarantee business. This connection was established through detailed blockchain analysis.
Bitrace’s investigation indicated that Huione was attempting to circumvent the freeze by activating a new address, TQuFSv, and transferring $114,800 in USDC from the blacklisted TNVaKW wallet. Despite Tether’s intervention, Huione’s other business addresses, including its older address TL8TBp, remain active and operational.
Huione Guarantee’s Involvement in Southeast Asian Fraudulent Activities
On July 10, the crypto-tracing firm Elliptic reported Huione Guarantee’s involvement in fraudulent schemes, particularly pig-butchering scams. Elliptic’s analysis revealed that the online marketplace has become a major hub for scam operations in Southeast Asia, linked to criminal transactions amounting to at least $11 billion. Operating as a deposit and escrow service for peer-to-peer transactions on Telegram, primarily using Tether’s USDT stablecoin, Huione Guarantee has become a favored platform for scammers and money launderers.
Additionally, Elliptic alleged connections between Huione Guarantee and Cambodia’s ruling family, including Prime Minister Hun Manet. Further investigations indicated that a cousin of Prime Minister Hun Manet is a director of Huione Pay, a payments and foreign exchange business associated with Huione Group. Reuters also reported that the North Korean hacking group Lazarus transferred $150,000 from one of its digital wallets to Huione Pay between June 2023 and February 2024, with blockchain analysts suggesting these funds were likely stolen from three cryptocurrency companies last year, including Atomic Wallet.
A new investigation from the Elliptic research team sheds light on online marketplace Huione Guarantee. The platform is widely used by scam operators in South East Asia, including those involved in #pigbutchering scams. Read the full analysis ➡️ https://t.co/p9tqquGhJ6
— Elliptic (@elliptic) July 10, 2024
The Growing Concern of USDT in Cybercrime
Earlier this year, a report by the United Nations Office on Drugs and Crime highlighted the prevalence of USDT in regional cyber fraud and money laundering operations. The report described USDT as the “preferred choice for regional cyber fraud operations and money launderers alike” due to its stability, anonymity, and low transaction fees.
In response to these concerns, Tether announced that it had “voluntarily” frozen USDT worth $225 million linked to an international human trafficking syndicate in Southeast Asia, responsible for global pig butchering romance scams. These scams typically involve fraudsters developing relationships with victims on social media, dating sites, or messaging platforms, and convincing them to make fraudulent investments. Often, the individuals carrying out these scams are trafficked into compounds by criminal groups and forced to con victims worldwide.
Law Enforcement and Analysts Respond
Following the report by Elliptic, law enforcement agencies and blockchain analysts have intensified efforts to disrupt Huione’s operations. They are actively tracking crypto transactions and identifying wallets linked to the platform. The freeze by Tether underscores these ongoing efforts to combat crypto-related fraud and the complex network of financial crimes facilitated by seemingly legitimate crypto platforms.
In conclusion, Tether’s action to freeze the wallet highlights the broader initiative to address financial crimes in the cryptocurrency space. The case of Huione Group demonstrates the intricate and pervasive nature of crypto fraud, necessitating vigilant monitoring and enforcement by both blockchain security firms and law enforcement agencies.
PlayDoge – A Promising Crypto Presale Project with an Exciting P2E Concept
Doge-themed memecoins have consistently attracted the interest of investors, particularly those who favor memecoins. PlayDoge has been launched with the intention of capturing the attention of this investor group through a unique lore-based theme. The developers have crafted a narrative where the iconic Doges, mascots of a beloved meme, are lost and later discovered by a lucky meme trader via the PlayDoge app. This discovery unfolds in a pixelated, 8-bit game reminiscent of early 1990s video games.
The PlayDoge App and Its Features
The core of the PlayDoge project is a mobile app where users can nurture their own Doges as virtual pets. These pets can then be used in games that offer rewards to players. Every major action within the PlayDoge ecosystem, including these rewards, will be facilitated by the PLAY token, which is currently in its presale phase. The project also includes staking options for presale investors, adding further utility to the token and making it an attractive investment opportunity for a broad range of investors.
Token Details and Investment Potential
The PLAY token is priced at just $0.00451 during the first stage of its presale, with planned price increases at subsequent stages. The total supply of the token is 9.4 billion, and it is built on the Binance blockchain. The token has undergone a successful audit by SolidProof, enhancing its credibility and safety as an investment. These features position PLAY as a high-potential presale project that should not be overlooked by savvy investors.
Community Engagement and Growth
Despite its recent launch, PlayDoge has seen a swift increase in social media engagement and presale activity. This growth suggests that the project’s unique theme and potential for high rewards are resonating well with the investor community. The developers’ strategy to market PlayDoge as the premier Doge-themed gaming crypto appears to be gaining traction, as evidenced by the growing interest and participation from investors.
Conclusion
In summary, PlayDoge stands out in the memecoin market with its engaging lore-based theme and robust play-to-earn (P2E) concept. The combination of nurturing virtual pets and earning rewards through gameplay, all powered by the PLAY token, makes it a compelling investment opportunity. With a strong foundation on the Binance blockchain, successful audits, and a clear roadmap for token price appreciation, PlayDoge is poised to capture the attention of investors looking for promising crypto presale projects.
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