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CertIK under fire for auditing USDH stablecoin allegedly linked to illegal Asian market
Blockchain security audit firm CertiK faces scrutiny over its past audit of USDH, a stablecoin allegedly linked to the illicit Huione Group.
The group is said to have connections with Cambodia’s Huione Group, often described as a major sponsor of global illegal markets and the successor to the notorious Hydra marketplace, surpassing it in trade volume.
Huione Guarantee, operating via Telegram, serves as the primary trading platform for a business associated with the family of Cambodian Senate Chairman Hun Sen, who has ruled the country for four decades. According to blockchain analytics firm Elliptic, at least $24 billion has been transacted through the platform since its launch.
In mid-January, UK-based Elliptic published a report highlighting Huione’s steps toward building its own infrastructure, including a proprietary messaging service, a cryptocurrency exchange, and the USDH stablecoin, pegged to the US dollar, to gain more autonomy in the crypto market.
The international backlash prompted Huione Guarantee to publicly state that it bears no responsibility for items sold on its platform and that it prohibits certain types of trade, including human trafficking, firearms, and terrorism-related activities.
CertiK’s audit raises concerns
It was later revealed that CertiK conducted an audit of USDH on behalf of Huione, identifying 12 security issues: three critical, two medium, three minor, and four informational. According to the audit report, six issues were fully resolved, one was partially addressed, and the remaining five were acknowledged by the issuer. Despite receiving a security rating below 30%, USDH still passed the audit and was granted legitimacy.
Some experts argue that Huione Group may have misrepresented or concealed crucial information from CertiK’s auditors to secure a favorable assessment. Notably, USDH was marketed as a censorship-resistant stablecoin designed to help users avoid transaction freezes common with more established stablecoins.
According to Cryptopolitan, CertiK co-founder Zhonghui Gu admitted that the audit firm was approached by a third-party agency without any mention of ties to the illegal market. Had CertiK been aware, he claimed, they would have exercised greater caution.
Skeptics, however, believe this may not be a coincidence. Blockchain investigator Tay described the situation as a "multi-billion-dollar money laundering operation," while other commentators emphasize the need for stricter oversight of blockchain projects. Some believe this case could seriously damage CertiK’s credibility.
As of February 8, data from CoinMarketCap shows that USDH’s market capitalization stands at $2.38 million, with 24-hour trading volume down 27% to $31,500.
USDH price dynamics on February 8. Source: CoinMarketCap
During this period, the token’s price fluctuated between $0.98 and $1.0024.
As we wrote, the stablecoin market has surged to a record $224 billion, with USDT and USDC at the forefront of this explosive growth.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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