Darknet Marketplace Huione Allegedly Remains Operational Following Closure of Website and Telegram Channel

The darknet marketplace Huione, also referred to as Haowang Guarantee, is said to be maintaining its operations and even experiencing growth in transaction volume, despite its public announcement of closure last month.

A recent report released by Chainalysis on June 12 indicates that the illicit Chinese-language platform remains operational following the shutdown of its website and Telegram channels.

Huione’s Crypto-Laundering Network Continues to Flourish Under New Domain

On May 13, Huione declared its shutdown after Telegram banned numerous associated accounts.

This action followed the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) designating Huione as a primary money laundering concern under Section 311 of the USA PATRIOT Act.

The proposed designation aims to sever the platform’s connection to the U.S. financial system.

However, Chainalysis reports that Huione’s transaction volumes have not diminished. In fact, they have risen.

“Our data indicates that the platform continues to handle billions of dollars in transactions, suggesting a highly resilient system that operates largely independently of its public-facing infrastructure,” the report noted.

Following the shutdown of its website, Telegram channels, and its officially announced closure, Huione’s operations have not slowed at all. In fact, our data shows that the platform continues to process billions of dollars worth of transactions. https://t.co/ZhHj81hDU6

— Chainalysis (@chainalysis) June 12, 2025

Despite losing access to the U.S. dollar and facing infrastructure shutdowns, Huione’s capacity to function appears largely unaffected.

The report emphasizes that its intricate laundering networks evade mainstream exchanges and heavily depend on a “guarantee” system—a model of laundering services designed to circumvent traditional scrutiny.

Chainalysis asserts that Huione’s persistence highlights a more significant issue: the increasing sophistication of Chinese-language laundering networks, many of which utilize “guarantee services.”

These platforms offer peer-to-peer escrow-like services for illicit money transfers, bypassing conventional financial institutions and leaving minimal traces in regulated systems.

Even after losing critical infrastructure, Huione’s crypto platform has reemerged under a new domain, Huione[.]me, maintaining its branding and activities.

The company continues to list its own token, XOC, along with the Huione-promoted stablecoin USDH. Its Telegram presence has also quietly resumed, with ongoing interactions between users and administrators.

The report outlines various laundering typologies employed by Huione-linked services. These include fiat-to-stablecoin exchanges, in-person cash pickups, and prepaid card transfers.

In certain instances, vendors organize motorcades for physical handoffs, showcasing a combination of digital and real-world logistics.

Huione’s operations are believed to be deeply integrated into broader criminal networks. Its ongoing resilience, despite observable enforcement actions, underscores the limitations of targeting surface-level infrastructure.

Chainalysis cautions that addressing platforms like Huione will necessitate more than merely shutting down websites or blocking messaging applications.

Huione’s situation, the firm argues, illustrates the need for “multi-vector enforcement strategies” that extend beyond surface-level interventions.

These strategies would require international collaboration, advanced blockchain intelligence tools, and real-time data sharing between law enforcement and financial regulators.

“The question now isn’t whether Huione is still operational — it clearly is — but rather, what kinds of interventions can meaningfully disrupt it,” Chainalysis stated.

The findings raise significant concerns regarding current approaches to combat sophisticated laundering networks and highlight the necessity for long-term, cross-border cooperation.

Telegram Crackdown Fails to Deter Darknet Activity as Huione Remains Operational

Despite Telegram’s shutdown of thousands of illicit channels in May, Huione Guarantee, a darknet marketplace reportedly linked to Cambodia’s elite, continues to function, according to blockchain analytics firm Elliptic.

Telegram shuts down Xinbi & Huione Guarantee revealing how stablecoins & encryption power industrial-scale cybercrime.#CryptoCrime #Telegram #usdthttps://t.co/q5dRh8zSvf

— Cryptonews.com (@cryptonews) May 14, 2025

The crackdown followed disclosures that Huione and its Chinese-language counterpart, Xinbi Guarantee, facilitated over $35 billion in illicit crypto transactions, primarily in Tether (USDT).

Elliptic’s analysis indicates that at least $27 billion in USDT transacted through Huione alone, which provides money laundering services, counterfeit documents, stolen personal data, and even intimidation-for-hire. Xinbi has processed an additional $8.4 billion since 2022.

Both marketplaces utilize Telegram’s encrypted infrastructure to operate at scale, serving as hubs for cybercriminals. Even after the takedown, Huione reportedly continues to operate through alternative channels.

The U.S. Treasury identified Huione Group as a significant global money laundering concern in May 2025, linking it to $98 billion in crypto flows, some allegedly associated with North Korea’s Lazarus Group.

A new United Nations report is calling out Telegram for affecting organized crime in Southeast Asia amid Pavel Durov’s legal woes.#Telegram #PavelDurov #UNhttps://t.co/q0ZEMy6TIU

— Cryptonews.com (@cryptonews) October 7, 2024

Telegram remains a hotspot for cybercrime. According to the UN, scams, data theft, and laundering via the platform may total $36.5 billion annually, much of it driven by USDT.

As enforcement struggles to keep pace, Elliptic now monitors over 30 similar marketplaces still operational across the messaging app.

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