The darknet marketplace Huione, also known as Haowang Guarantee, has been making headlines recently for its continued operations and growth in transaction volume, despite its public-facing shutdown last month. A recent report published by Chainalysis on June 12 sheds light on the fact that the illicit Chinese-language platform remains active even after the closure of its website and Telegram channels.
On May 13, Huione announced its shutdown following the banning of thousands of associated accounts by Telegram. This move came in response to 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. Despite these actions, Chainalysis reveals that Huione’s transaction volumes have not only remained steady but have actually increased.
The report highlights that Huione’s complex laundering networks have managed to avoid mainstream exchanges and rely heavily on a “guarantee” system. This model of laundering services allows Huione to bypass traditional scrutiny and continue to process billions of dollars worth of transactions. Even after losing access to the U.S. financial system and facing infrastructure takedowns, Huione’s ability to operate appears largely unaffected.
Huione’s survival under a new domain, Huione.me, showcases the platform’s resilience and adaptability. The company continues to list its own token, XOC, and the stablecoin USDH, while also resuming its presence on Telegram with continued engagement between users and administrators.
The report delves into the various laundering typologies employed by Huione-linked services, including fiat-to-stablecoin swaps, in-person cash pickups, and prepaid card transfers. Some vendors even organize motorcades for physical handoffs, demonstrating a blend of digital and real-world logistics.
Despite visible enforcement actions and infrastructure takedowns, Huione’s operations are deeply embedded in broader criminal networks. Chainalysis warns that combatting platforms like Huione will require more than just taking down websites or blocking messaging apps. The firm emphasizes the need for international coordination, advanced blockchain intelligence tools, and real-time data sharing between law enforcement and financial regulators to disrupt these sophisticated laundering networks effectively.
The findings raise concerns about current methods to combat such networks and underscore the necessity for long-term, cross-border collaboration to address the growing sophistication of Chinese-language laundering networks. Huione’s case serves as a reminder of the limitations of targeting surface-level infrastructure and the need for more comprehensive enforcement strategies to tackle illicit activities in the darknet marketplace. The Benefits of Meditation for Mental Health
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