Introduction to Huione and its Illicit Activities
Major centralized exchanges have been exposed to nearly $1 billion in USDt transfers linked to wallets associated with Huione since its illicit marketplace was supposedly shut down. Huione, a controversial conglomerate based in Cambodia and registered in Hong Kong, has been accused of serving as a transnational fraud and money laundering platform used by cybercrime groups, including North Korea’s state-sponsored Lazarus Group and networks engaged in “pig butchering” scams.
Huione’s Continued Activity Despite Shutdown
On May 1, the US Financial Crimes Enforcement Network (FinCEN) designated Huione as a primary money laundering concern under the PATRIOT Act. Despite this, forensics experts have been divided on the extent of the platform’s shutdown. Global Ledger observed $10.13 billion in Tether USDt (USDT) transactions on Tron and $219 million on Ethereum in Huione-linked wallets between May 1 and June 17. $942.9 million ultimately flowed into CEXs, indicating that Huione-linked wallets continued activity despite the FinCEN designation.
Huione’s Polish Registration and Stealth Website
Huione has been accused of operating at least three known subsidiaries: Huione Guarantee, a Telegram-based illicit market platform; Huione Pay, a crypto and fiat payments service; and Huione Crypto, a centralized exchange. Huione Crypto registered in Poland in mid-2023 but primarily operates out of Cambodia, according to FinCEN. As of July 8, 2025, it remains listed on Poland’s business register. Multiple Huione-related websites and social channels have gone offline since the FinCEN action but have reappeared under new domains.
Experts Divided on Huione’s Shutdown
Huione Guarantee was one of the most closely watched scam-enabling platforms under the Cambodian conglomerate Huione Group. On May 13, Huione Guarantee announced it would suspend operations following a crackdown on its Telegram channels. However, activity around Huione-linked services has not uniformly declined. In a June report, New York-based blockchain analytics firm Chainalysis observed increased activity connected to Huione’s marketplace operations. This view is contested by Elliptic, which claims Huione Guarantee’s activity has essentially ceased.
Huione’s Activity Shows Darknet Market Shutdowns Rarely Spell the End
The proliferation of new marketplaces following Huione Guarantee’s collapse mirrors what occurred after the fall of Hydra Market, once the dominant darknet platform. Chainalysis identified Hydra as the highest-earning darknet market of 2022 despite its April shutdown that year following sanctions from the US Treasury’s Office of Foreign Assets Control (OFAC). Like Hydra, Huione’s closure has triggered the rapid emergence of successor markets catering to users seeking alternative illicit channels.
Conclusion
The takedown of an illicit service rarely results in an immediate halt to criminal activity. In many cases, services reemerge under new branding or continue in stealth mode. Huione’s case is no exception, with the group appearing to remain active through indirect channels. It reportedly holds a 30% stake in Tudou, now considered the leading successor to the Huione Guarantee marketplace. Wallet activity linked to Huione Pay and its crypto exchange services also shows that the group has not disappeared from the blockchain landscape. As a result, it is essential to continue monitoring Huione’s activities and those of its subsidiaries to prevent further illicit transactions and protect the integrity of the financial system.
