Darknet marketplace Huione has increased its turnover after the “closure”

The illegal online platform Huione continues to operate and increase its transaction volumes, despite the recent announcement of its cessation of activities. This is stated in a Chainalysis report.

On May 13, the fraudulent marketplace Haowang Guarantee associated with Huione reported its closure. The decision was explained by a mass blocking of accounts and channels on Telegram.

However, Chainalysis data shows that the activity of the platform has not decreased. The platform continues to process transactions worth billions of dollars, demonstrating resilience to the blocking of public infrastructure.

Ineffective Sanctions

On May 1, FinCEN proposed to disconnect Huione Group from the American financial system. The agency accused the company of assisting the North Korean hacker group Lazarus Group in laundering cryptocurrency.

According to Chainalysis, such measures typically lead to an immediate loss of access to the U.S. financial system, as banks avoid regulatory risks. However, transaction data shows that this had minimal impact on Huione’s activities.

Experts noted that the volume of transactions not only did not decrease but even increased. According to their data, Huione avoids centralized exchanges that are under the jurisdiction of the USA.

The transaction volume of Huione increased after the FinCEN statement. Data: Chainalysis.## Scale of activities

The findings are confirmed by analysts at TRM Labs. In a report from May 30, they indicated that since 2021, Huione Group has received at least $81 billion in cryptocurrencies. This significantly surpasses the volumes of the Russian Darknet market Hydra, which received about $5 billion, the specialists emphasized.

Experts noted that Huione is a central hub for a wide range of cybercriminal activities, including fraud, hacking, and “romance scam” schemes.

Chainalysis also reported that the cryptocurrency exchange Huione has resumed operations under the new domain Huione.me, keeping the old logo. The project’s accounts on social media, including Telegram channels for VIP sellers, remain active.

The platform also trades the associated token XOC and the promoted stablecoin USDH to bypass sanctions.## How money laundering services work

The platform offers several types of “money transfer” services:

• transfers to cards — often with restrictions for different types of users, which may indicate client verification to protect against law enforcement;
• exchanging fiat for stablecoins - often in person or through unregistered intermediaries;
• multi-level money laundering — complex schemes with multiple sources of funds and conversion paths;
• physical exchange — emphasizes the real logistics of online operations.

A new approach is needed

According to experts at Chainalysis, the situation with Huione reflects a broader problem in combating complex criminal organizations. New strategies are required for effective counteraction against such entities.

Efforts must go beyond national borders, analysts believe. International partnership between financial intelligence units, law enforcement agencies, and regulators is necessary to track transaction flows and intermediaries.

Blockchain analysis also plays an important role. Effective counteraction against ecosystems like Huione requires not only tightening regulation but also coordinated international efforts, specialists noted.

Recall that in January, analysts from Elliptic named the online marketplace the largest illegal trading platform. After the publication of the research, the platform attempted to distance itself from Huione Group by changing its name to Haowang.

In April, the UN expressed concern about money laundering through mining. According to the organization, the platform plays a key role in this shadow segment.