According to new data from the global laser, the major centralized exchange (CEXS) in the USDT transfer associated with Huione has been exposed by about $ 1 billion, as its illegal market was discontinued.
On 1 May, the US Financial Crime Enforcement Network (FINCEN) nominated Huione as a primary money laundering concern under the Patriot Act. Since then, forensic experts have been divided on the border of the shutdown of the platform.
Global laser said it shared $ 10.13 billion transaction on TUN (USDT) and $ 219 million on the atherium in Huon-Linked Wallets on 1 May and 17, and shared with cointlegraph, especially in a research report. $ 942.9 million eventually swept away in CEXS.
Yuri Serov, led by the investigation in the Swiss blockchain analytics firm, the coinletgraph reported that the activity from the hyon-linked wallet indicates a continuous risk for major exchanges, although often through indirect routes.
“Huione-connected funds can be rooted via nested service providers, OTC desks or layered transactions that obscure the original source,” serov said. “While these methods can hide direct exchange interactions, the underlying movement patterns still lead to major centralized exchanges, which suggest continuous operational use.”
Huione’s polish registration and new stealth website
Finnken designation The correspondent for the controversial group located in Cambodia restricts US financial institutions by opening or maintaining accounts and registered in Hong Kong.
Huione has been accused of serving as an international fraud and money laundering platform used by cybercrime groups, including North Korea’s state-provided Lazarus Group and the “Pig Watter” scams engaged in scams. Blockchain analytics firm is elliptical Joined together The operation of the group for the ruling Hun family of Cambodia.
The group operates at least three known subsidiaries:
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Huione guarantee, a telegram-based illegal market platform
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Huione Pay, A Crypto and Fiat Payment Service
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Huione Crypto, a centralized exchange.
Hion Crypto Registered In the mid -2023, Poland is operated out of Cambodia but mainly according to Finnken. By July 8, 2025, it is listed in the Poland Business Register.
Global Laser stated that the Poland-Planted unit is clearly part of the broader hyon structure, which cited both naming and licensing links as well as wallet activity.
“Based on our analysis, we can confirm that the blockchain infrastructure using the Poland-Placed unit is operated under the operating structure of the wider Hyon Group, which includes Hion Pay,” Serov said. “Transactions incorporating the Polish VASP cannot be separated from other Hyon subsidiaries, as the wallet infrastructure interlink.”
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Many Huione-related websites and social channels have become offline since the fincken action, but has reopened under the new domain.
One such site, Super-Exchange.co, was accessible till July 8 and displayed a notice stating that Huione’s crypto operations and related services would be suspended by June 30, 2025. Despite the notice, the site remains functional.
Experts divided Hione’s shutdown
The Huione Guarantee Cambodian Group was one of the most closely viewed scam-capable platforms under the Huione Group. The Chinese market hosted on Telegram provided the facility of selling illegal goods and services, including the theft figures and laundering of scam income. It has been described as the largest dark market ever, with more than this $ 24 billion In the amount of transactions.
On 13 May, Huione Guarantee – then working under the name Haowang Guarantee – announced that it would suspend operations after a crack on its telegram channels. In the same message, it directed users in an alternative market called Tudo, in which Hyon has allegedly stake 30%.
Connected: Garantex successor leads to $ 1.66B via Crypto exchanges: Global Laser
Despite the shutdown, the activity around Huione-Linked Services has not declined equally. In a June report, New York -based blockchain analytics firm Channelis increased the activity associated with Hueon’s marketplace operation.
However, this scene has been contested. Illiptic claims that the activity of the Hyon Guarantee is essentially closed.
“Some researchers have wrongly guaranteed Hyon with other Hyon Group Businesses, especially in Hyon Pay, Cambodia, a large payment business with brick-and-mortar outlets that also accepts cryptocurrency,” eggs Said,
“Huione Pay and Huione Guarantees were engaged in very different activities, with separate crypto wallet infrastructure. By analyzing blockchain transactions at a more grain level, it is clear that, Huione Pay continues to transact high amounts, the transactions of Huione Guarantee are effectively closed.”
Illiptic also noted that the closure of Huon Guarantee has emerged at least 30 new illegal markets, which tries to fill the difference left behind.
Huione’s activity suggests that dark market shutdown rarely performs magic in the end
After the collapse of Huione Guarantee, the new marketplace spread after the fall of the Hydra market, once the major dark platform.
Channelis identified Hydra as the 2022 highest -grossing dark market despite the shutdown of April that year after the US Treasury of Foreign Assets Control (OFAC) sanctions. Like Hydra, Huione’s closure has triggered the rapid emergence of successor markets for users looking for alternative illegal channels.
As a result of an illegal service, there is hardly an immediate stop for criminal activity. In many cases, services reunite under new branding or continue in secret mode.
The Russian-Linked Crypto Exchange, Garantinex approved the Hydra by OFAC in 2022 and later in 2025 with the Hydra by the European Union, allegedly re-prepared as Ginex and continued fund transfer. By May 30, the blockchain intelligence firm Global Laser identified at least $ 1.66 billion from the Grinux-Linked Wallets.
Similarly, NXT, a Crypto Swapping service with no no unname customers (KYC) requirements, was declared its shutdown after the German authorities seized their server and crypto assets. But according to TRM Labs, Seva quietly resumed operations in secret despite public takedown.
In the case of Huione, the group remains active through indirect channels. It allegedly holds a 30% stake in Tudo, which is now considered to be the main successor of the Hion Guarantee Marketplace. The wallet activity associated with Huione Pay and its crypto exchange services also show that the group has not disappeared from the blockchain landscape.
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