The notorious darknet marketplace Huione, recently rebranded as Haowang Guarantee, is reportedly still operating at full capacity despite claims of a shutdown and multiple enforcement actions, according to a new report by Chainalysis.
Shutdown in Name Only
On May 13, Huione announced a shutdown after Telegram removed thousands of affiliated accounts and channels. However, Chainalysis data reveals no significant decline in transaction volume, highlighting the network’s ability to operate independently of its public-facing infrastructure.
“The platform continues to process billions of dollars worth of transactions,” Chainalysis said, suggesting a highly resilient and decentralized system.
U.S. Treasury Action Had Minimal Impact
Earlier, on May 1, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed banning the Huione Group from accessing the U.S. financial system, citing links to North Korea’s Lazarus Group and crypto laundering.
Despite this, Huione’s transaction activity surged, defying expectations that access to U.S. dollars would be a critical blow.
“Transactional data suggests minimal operational impact — activity actually increased,” Chainalysis noted.
$81 Billion and Counting
According to TRM Labs, Huione has processed over $81 billion in crypto since 2021, surpassing the infamous Hydra marketplace. The report states that Huione continues to facilitate:
- Pig butchering scams
- Fraud and cyber heists
- Crypto laundering operations
Huione’s crypto exchange has also reemerged under a new domain, with its old logo intact and social media channels still active — particularly on Telegram.
Call for Ecosystem-Wide Action
Chainalysis warns that traditional shutdown strategies are insufficient against networks like Huione, which operate with advanced structures and adaptability.
“A sustained, multi-vector enforcement strategy is necessary,” the firm concluded.
“Law enforcement must go beyond takedowns and target the core infrastructure enabling these operations.”
Conclusion
Huione’s survival despite regulatory and platform-level crackdowns reveals the urgent need for deeper, coordinated action against illicit crypto ecosystems. The case serves as a stark reminder of how well-funded, tech-savvy criminal groups can outpace traditional enforcement tactics.