Despite Crackdown, Darknet Giant Huione Thrives With Billions in Crypto Transactions

Recent blockchain data reveals the platform is still processing billions in cryptocurrency, defying efforts by law enforcement and financial regulators to shut it down.

On May 13, Haowang Guarantee, formerly known as Huione Guarantee, announced it was ceasing operations. The move followed Telegram’s mass ban of thousands of accounts and channels linked to the marketplace. However, according to a report released June 12 by blockchain analytics firm Chainalysis, transactional activity tied to Huione has shown no signs of slowing down.

“Our data shows that the platform continues to process billions of dollars worth of transactions, pointing to a highly resilient system that operates largely independent of its public-facing infrastructure,”

said Chainalysis 

The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) had proposed earlier, on May 1, to prohibit the Cambodian-based Huione Group from accessing the U.S. banking system, citing its role in laundering cryptocurrency for North Korea’s Lazarus Group. In response, many American financial institutions swiftly cut ties with the conglomerate. However, Chainalysis found that the platform’s operational capacity was largely unaffected.

Adding weight to these findings, crypto analytics firm TRM Labs reported on May 30 that Huione continues to run exclusive channels for its VIP vendors. According to the report, Huione-linked entities have moved more than $81 billion in cryptocurrency since 2021—eclipsing even the notorious Hydra marketplace, which reportedly handled $5 billion before it was dismantled.

The Huione network has long been accused of facilitating a wide range of cyber-enabled crimes, including large-scale fraud, cyber heists, and “pig butchering” scams—an elaborate form of online investment fraud. The group’s cryptocurrency exchange, now operating under a new domain but still using its original branding, is reportedly back in business. Social media activity on various platforms, including Telegram, further confirms its continued operations.

Chainalysis concluded that Huione’s endurance highlights the broader difficulties in tackling advanced cybercrime networks. Surface-level shutdowns, the firm emphasized, are insufficient.

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