Despite the shutdown of its website and Telegram channels, the major darknet marketplace Huione is reportedly still active and expanding.
On May 13, Haowang Guarantee—formerly known as Huione Guarantee—announced its closure following Telegram’s ban of thousands of accounts and channels linked to the platform.
However, a report released Thursday by Chainalysis indicates that illicit activity tied to the marketplace has not decreased since the supposed shutdown.
“Our data shows that the platform continues to process billions of dollars in transactions, highlighting a highly resilient system that functions largely independently of its public-facing infrastructure,” the firm stated.
Huione Group, Operators of Darknet Marketplace, Still Thriving
On May 1, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed banning the Huione Group from accessing the American banking system, alleging the company assisted North Korea’s state-sponsored Lazarus Group in laundering cryptocurrency.
According to Chainalysis, U.S. banks usually act swiftly in response to such announcements, cutting ties to avoid regulatory exposure. Yet, Huione appears to have remained remarkably resilient.
“This de-risking effect likely meant Huione lost access to U.S. dollar services immediately after the notice — yet transaction data shows little to no operational disruption,” Chainalysis reported.
“In fact, the data reveals that transaction volume didn’t decline after the FinCEN announcement — it actually rose,” the firm added.
A May 30 report from crypto analytics firm TRM Labs revealed that the Huione Group continues to operate channels for its VIP vendors and has received over $81 billion in cryptocurrency since 2021—surpassing the volume processed by the now-defunct Hydra marketplace.
TRM Labs described Huione as a key hub for a wide array of cyber-enabled criminal activities, including pig butchering scams, fraud, and large-scale cyber heists.
Chainalysis also reported that Huione’s cryptocurrency exchange platform has re-emerged under a new domain, still using its original logo, signaling a continuation of operations despite regulatory pressure.
The exchange’s social media presence remains active across various platforms, including Telegram.
The Huione Group, a Cambodian conglomerate, oversees a network of businesses, including the payment services platform Huione Pay PLC, the crypto exchange Huione Crypto, and Haowang Guarantee.
A New Strategy Is Needed for Law Enforcement
According to Chainalysis, the continued operation of the Huione Group and its subsidiaries highlights a larger issue: the difficulty of disrupting sophisticated, large-scale organized crime networks that are adept at evading law enforcement.
To effectively combat illicit entities like Huione, Chainalysis emphasized the need for a comprehensive, ecosystem-wide response involving sustained and multi-pronged enforcement strategies.
“Tackling these networks will likely require modernized approaches that go beyond surface-level takedowns and target the complex infrastructure that enables their operations,” the firm stated.
